TxVia Inc., a New York-based provider of prepaid card processing technology, has raised $8.5 million in Series B funding. Espirito Santo Ventures led the round, and was joined by fellow insiders Village Ventures and High Peaks Venture Partners. The company also formally changed its name from TxCore.
TxVia, Inc., a pioneer in prepaid card processing technology, today announced that the company has changed its name from TxCore, Inc. and secured $8.5 million in venture capital as part of its Series B financing. The funding was led by an existing investor, Espirito Santo Ventures, with participation from the company’s lead Series A investors, Village Ventures and High Peaks Venture Partners.
“We’re delighted that Esp�rito Santo Ventures, with a proven track record of investing in innovative payments businesses worldwide, has taken the lead in this financing,” said Anil D. Aggarwal, CEO of TxVia. “And, we’re equally pleased that other existing investors, Village Ventures and High Peaks Venture Partners, strongly endorsed the company by choosing to participate.”
“TxVia has experienced tremendous market traction since launching to the prepaid card industry,” said Joaquim S�rvulo Rodrigues, Esp�rito Santo Ventures CEO. “We’re excited about TxVia’s innovative technology and confident that the company has the potential to revolutionize the global prepaid card processing marketplace over the coming years.”
TxVia is the first company to have a live client using a prepaid card processing platform delivered on a “platform-as-a-service” (PaaS) basis. Using its PaaS approach, TxVia quickly and efficiently creates highly customized and fully segregated prepaid card processing platforms. “We utilize PaaS to offer options for our clients that range from outsourcing processing completely to TxVia to bringing processing entirely in-house,” said Aggarwal. “We also offer hybrid options that can evolve over time according to our clients’ needs.” Regardless of the configuration, PaaS users no longer need to share a platform with other organizations and products, and realize significant scalability, competitive, time-to-market, cost and other benefits.
The benefits for issuers and program managers of the PaaS approach to prepaid card processing include:
– Development and operational transparency
– Client control of platforms, including platform creation and enhancement, hosting and operations, and domestic and international third-party implementation and integration
– Reduced platform management costs
– Better separation of client and processor intellectual property
– Improved platform reliability and scalability
– Increased platform longevity
– Enhanced manageability of PCI compliance
“The prepaid market today is limited by the legacy technology and systems that dominate the processing environment. PaaS addresses those limitations and provides a pathway for issuers and program managers to achieve greater control, flexibility and efficiencies in their prepaid programs,” continues Aggarwal. “And, to better reflect the comprehensiveness of our offerings, we changed the name of the company to TxVia.”
TxVia also announced today that the following executives have joined the company:
Anne Kortlander, executive vice president, Product. Prior to joining TxVia, Kortlander was senior vice president at Fidelity National Information Systems and its predecessors eFunds Prepaid Solutions and WildCard Systems. Before WildCard Systems, Kortlander was senior vice president at Visa, USA.
Jonathan A. Weiner, executive vice president, Program and Managed Services. Prior to joining TxVia, Weiner was president of Prepaid Media and previously served as president and chief operating officer of TSYS Prepaid and its predecessor Clarity Payment Solutions.
Christopher Petersen, vice president, Managed Services. Prior to joining TxVia, Petersen was vice president at Fidelity National Information Systems and its predecessors eFunds Prepaid Solutions and WildCard Systems.
Iris Quitta, director, Business Development. Prior to joining TxVia, Quitta was director at CBSI.
Shashi Kapur, advisory board member. Kapur was chief information officer of WildCard Systems until its acquisition by eFunds.
In addition, Aggarwal was appointed chairman of the board of directors, and Raymond Iglesias III, TxVia chief financial officer, was appointed to the board of directors. Carl M. Ansley, founder and a director of TxCore, was appointed president of the company.
“The TxVia management team brings more than 75 years of combined experience pioneering new technologies, products and services in the prepaid card industry,” said Rodrigues. “The team has consistently proven its ability to create and manage innovative ventures to tremendous success.”
TxVia also announced today the release of a white paper, “Approaches to Processing Technology for Prepaid Cards,” which discusses the available approaches to prepaid card processing, including software as a service (SaaS), in-house software solutions and platform as a service (PaaS). The white paper identifies critical limitations of SaaS and in-house software that prevent issuers and program managers from attaining their full potential in prepaid, and identifies how PaaS overcomes these limitations, providing significant benefits to both users and the prepaid card industry. The white paper is available for download at www.txvia.com.
TxVia has also secured a new 12,000 sq. ft. corporate headquarters in New York City. The company has additional offices in Barcelona and Dublin.
About TxVia, Inc.
TxVia, Inc. (pronounced “T.X.-Veea”) is a pioneer in prepaid (network branded and closed loop) card processing technology. Using a platform-as-a-service (PaaS) approach, TxVia quickly and efficiently enables the creation of highly customized and fully segregated prepaid card processing platforms. The TxVia approach far better manages the complexities of prepaid across the various products, verticals, industries, organizations and channels.
With PaaS, issuers and program managers can completely outsource processing to TxVia or bring all or a part of their processing requirements in-house, allowing them to take greater control over various aspects of their processing, ranging from functionality and release timing to infrastructure and service levels. Regardless of the configuration, PaaS users no longer need to share a platform with other organizations and products, and realize significant scalability, competitive, time-to-market, cost and other benefits.
TxVia also offers a complete set of services to support prepaid card programs including hosting and platform services, managed services, switch services and professional services