Bill payments firm Noventis has secured $4m in debt financing from Silicon Valley Bank to fuel growth of its processing platform.
The Houston-based company serves more than 5,000 originators including financial institutions, payment processors and aggregators, retailers and software providers.
Founded in 1998, the electronic payment platform aims to help replace legacy, paper-based transactions.
It says the investment follows two consecutive years of record EBITDA and earnings growth.
Silicon Valley Bank’s vice president Weston Rice said the company’s “innovative solutions provide both speed-to-market and the functional agility to maximize its rapidly expanding network of billers.”
Noventiys will use the capital to invest in its payments technology and expanding its network of 100,000-plus endpoints with billers, suppliers and vendors.
Silicon Valley Bank CEO Steve Taylor said: “With operating results that are exceeding expectations and the low cost of capital, this is the perfect time for Noventis to obtain financing.
“Our shift to a processor-centric model has been paying off, and accelerating investments into the platform and network is integral to our plans for continued growth.”
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