Traxpay, a Frankfurt, Germany-based B2B Dynamic Payments platform, closed $15m in Series B funding.
The round was led by main incubator, corporate incubator of Commerzbank (XETRA: CBK), and Software AG (XETRA: SOW) with participation from early investors Earlybird Venture Capital and former senior APAX partner Michael Phillips of Castik Capital Partners. In conjunction with the funding, Holger Werner, EVP and Head of Corporate Banking for Commerzbank and Frederic Hanika, SVP of M&A and Corporate Ventures for Software AG joined Traxpay’s Board of Directors.
Led by John Bruggeman, CEO, Traxpay provides a B2B Dynamic Payments platform capable of executing and settling financial transactions and payments with rich data in real-time.
Customers include B2B commerce network operators, digital marketplaces, and corporations.
In addition to the capital raise, the company has joined forces with MasterCard (NYSE: MA) to enable a solution connecting buyers and suppliers.
It has operations in Mountain View, California.