Electronic Billing And Payment Solutions Provider Transactis Lands $7 Million

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Transactis, a Charlotte, North Carolina-based provider of electronic billing, payment, and marketing solutions has raised $7 million in Series B financing in a round led by New York-based StarVest Partners, with previous investors and management participating.

The capital will be used to drive adoption of the company’s BillMail, BillerExpress and (recently acquired) OfferIQ and LoyaltyIQ software-as-a-service platforms.

StarVest partner Larry Bettino has joined Transactis’ board of directors as part of the investment deal.

Transactis works with banks and their merchants to help them evolve from traditional paper-based billing, payment, and coupon transactions to electronic interactions. Founded back in 2001, Transactis gives small and medium sized businesses the ability to electronically distribute invoices and collect payments in an affordable way.

With its September 2010 acquisition of (fellow Metamorphic Ventures portfolio company) OfferIQ, Transactis has also expanded its product suite to include virtual couponing & paper-free loyalty solutions for retailers.

Customers include Chase Paymentech, PNC, Wells Fargo, Elevon, and TD Bank, among others.

Prior to leading Transactis, Transactis chief executive Joe Proto built billing processor Remitco, which he sold to First Data. Also part of the management team: Paul Harkins, former CEO of Instream Media, and Scott Cruikshank, former COO of CyberSource.

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