Vindicia, a Redwood City, California-based provider of on-demand payment management software has raised $7.5 in Series D funding. New investor ONSET Ventures led the round and was joined by existing investors Bertelsmann Digital Media Investments, DCM and Leader Ventures.
The fourth round of funding brings the total amount of financing invested in the company to $21 million. ONSET Ventures GP David Lane and BDMI Principal Keith Titan are joining the company’s board of directors.
Vindicia supports online merchants with a number of solutions to enhance the scalability, flexibility and compliance of their online billing services. The company markets subscription billing and fraud management solutions under the Software-as-a-Service model, delivering its software products to companies in the online gaming, social networking, virtual world and Internet dating space.
Last February, Vindicia was bullish on its financial prospects, putting out a press release boasting that it expected to reach profitability in 2009 on forecasted revenues of between $6 to $8 million, a 100% increase over 2008 revenue. At the time, the company said it was handling an approximate 160,000 online transactions per day, for a total of over 58 million in 2008. Vindicia went on to claim it billed no less than $1 billion in revenue for its customers last year.