The latest funding provides TxVia with expanded resources to respond to strong ongoing global demand for its processing solutions in the prepaid and emerging payment sectors. TxVia pioneered the platform-as-a-service (PaaS) delivery model for processing. Now in its fifth year, TxVia has more than 30 million cards on file and is on pace to double that number by yearend through organic growth and portfolio conversions.

“The first iteration of technology in any new industry is not typically the long-term, sustainable solution, and prepaid--which is about 10 years old--is no different,” said Anil D. Aggarwal, chairman and CEO, TxVia. “With PaaS, we have successfully evolved processing from the initial to next generation and deployed it across many clients— including Blackhawk Network, Univision Communications and InteliSpend (formerly American Express Incentive Services)—at significant scale and the highest levels of security and reliability.”

“Instead of offering a one-size-fits-all processing platform, we’ve created the payment industry’s first ‘platform builder’ allowing us to provide segregated, multi-tenanted processing platforms that do exactly what our clients want them to do,” added Aggarwal. “To get there, we've brought an important first to market—we've separated business requirements from technical implementation—which we believe is critical to move from an environment of incremental change to transformational improvement.”

The PaaS approach also allows TxVia to onboard new clients onto customized platforms as quickly and cost effectively as a typical third-party processor can launch new clients on a commingled platform.

“The payments landscape is changing in significant ways with both established companies and new entrants innovating at a rapid pace,” said Annie Lamont, managing partner, Oak Investment Partners, who has joined TxVia’s Board of Directors along with Tricia Kemp, director, financial services technology, Oak Investment Partners. “These organizations need processing solutions to commercialize new payment applications, and we believe TxVia has built the leading technology for that.”

“We are pleased to welcome Oak Investment Partners as shareholders of TxVia. Oak has a proven track record in the prepaid and financial technology sectors,” said Aggarwal. “New forms of electronic payment are typically adopted over extended periods of time— ranging from several years to decades. We’re fortunate that each of our investors sharesour long-term vision of how payments will evolve and that TxVia’s enabling technology can help make them a reality.”

TxVia processes a broad range of prepaid cards, including general purpose reloadable (GPR), gift, incentive, government disbursement, payroll and expense management for leading program managers and issuers, and also offers processing solutions in other areas of emerging payments, including merchant acquiring and payment network enablement.

The Series D financing brings the total investment in TxVia to more than $55 million to date.

About TxVia
TxVia offers the most advanced processing technology for prepaid and emerging payments as well as a complete range of supporting services. Our solutions cover the full scope of consumer, corporate and government applications.

As the only mass provider of custom solutions, we're modernizing electronic payments by offering unparalleled product and service quality, product manageability and configurability, platform performance and operations, client control, and cost savings. Our clients, which include some of the largest payments companies, realize significant scalability, reliability, time-to-market, economic, security and other benefits, overcoming the risks and product and service degradation often associated with other processing options.

We pioneered the platform-as-a-service (PaaS) delivery model for payment processing as an outgrowth of software-as-a-service (SaaS). With PaaS we rapidly and cost-effectively create highly customized and fully segregated processing platforms for our clients. This approach best manages the ever-increasing complexities of payments across the various products, verticals, organizations, geographies and channels that encompass the industry.

Clients can outsource processing to TxVia completely or bring all or a part of their requirements in-house, allowing them meaningful control over their processing. Regardless of the configuration, PaaS users do not share a platform with other organizations and products, and are able to redefine the payments value chain to their specific needs.

About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm. The primary investment focus is on high growth opportunities in Broadband Internet and Wireless Communications, Information Technology and Software Outsourced Services, Consumer Internet/New Media, Financial Services Technology, Healthcare Information and Services, Clean Energy, and Retail. Over a 31-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 481 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses and to public companies through PIPE investments.

Oak has helped innovators exploit new business opportunities and anticipate trends through long-term relationships that endure the changing economic landscape. Our accomplishments can be best recognized through the success of our companies and the ability to deliver consistent performance over time.

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