July 23, 2009
Based in New York, NY, TxVia, which is a leader and innovator in developing prepaid credit card processing technologies, has announced today that it has raised $15.5 million in series C funding with Bain Capital Ventures leading the funding. Other investors participating in this round of funding include Espirito Santo Ventures, High Peaks Venture Partners, and the New York City Investment Fund.
TxVia is a company which develops advanced systems that process prepaid credit cards and TxVia has acquired as clientele several of the world’s largest bank issuers and program managers, who see TxVia’s platform to enable their prepaid card programs. The reason why these large bank issuers use TxVia’s platform is because the company offers its clients a superior and unparalleled quality in both product and service, and furthermore TxVia’s product is also easily manageable and configurable.
Along with the agreement for this funding, TxVia will take Paul Zurlo on to join the company’s board of directors. Mr. Zurlo is a partner with Bain Capital Ventures and according to him, the team at Bain Capital Ventures has discovered that TxVia is one of the best in prepaid credit card processing after conducting extensive diligence in the prepaid card industry. Furthermore, Bain Capital Ventures also noticed that many managers and card issuers, who have a wide range of complex requirements, have chosen TxVia to process their cards.
According to the president and CEO of the New York City Investment Fund, Maria Gotsch, TxVia is a great asset to New York City because it strengthens the city’s position as the world’s financial services technology center. Ms. Gotsch also added that the people at the New York City Investment Fund are pleased to be able to have the opportunity to invest in TxVia, which shows to provide good returns and is an asset to New York’s business community.
Based in Boston, Massachusetts, Bain Capital Ventures is the vc arm of the much larger financial institution, Bain Capital, which has over $75 billion in assets under its management. Bain Capital was founded in 1984 and has made over 250 investments, some of which have been major successes. Some other companies in Bain Capital’s portfolio include AMR Interactive, CMC, DoubleClick, E5 Systems, eCredit, Eschelon, Gartner, and others.
The New York City Investment Fund is a private investment fund, which has a mission to help better New York City’s business community and enhance New York’s position as a world leader in business and commerce. The New York City Investment Fund was founded in 1996 and was established as a fund under the auspices of a partnership with New York City. Some other companies in the New York City Investment Fund’s portfolio include 7th Online, ImageSpan, Harlem Lanes, Intra-Cellular Therapies, and others.
For more information about TxVia, click here.