Transactis, backed by Capital One and Fifth Third, seeks buyer

Transactis, the payments company backed by five major banks, is up for sale, four sources said.

Barclays is advising on the process, two of the people said.

Transactis, New York, provides electronic payment and billing services. The company employed 87 people and generated $10 million in 2017 revenue, Inc. 5000 said.

Transactis has raised about $70 million in venture funding, including a $30 million round in 2016, according to PitchBook. At that time, several banks, including Capital One, Fifth Third, PNC, TD and Wells Fargo, invested in the company, putting equal amounts into Transactis’s Series E. Safeguard Scientifics also invested the same amount, the statement said.

Safeguard led an $11 million round for Transactis in 2014.

Other investors include ff Venture Capital, MacAndrews & Forbes, Metamorphic Ventures and StarVest Partners.

Joe Proto, who co-founded Transactis in 2001, is chairman and CEO. A serial entrepreneur, Proto started Remitco Management Co, which was sold to First Data in 2000, and Financial Telesis, which CoreStates bought in 1992. Proto is also co-founder of Windham Ventures, a life-sciences investment firm.

How much Transactis is seeking is unclear.

Transactis is the latest fintech company to seek a buyer. GIACT Systems, a portfolio company of Tritium Partners, is up for sale, while Idology, which provides fraud-prevention services, is also on the block, Buyouts has reported.

Transactis could not be reached for comment. PNC and Fifth Third declined comment. Capital One, TD, Wells Fargo, MacAndrews & Forbes, Safeguard Scientifics and StarVest could not be reached for comment.

Action Item: Contact Joe Proto at +1 347-474-7342.