European business-to-business payment provider Traxpay announced a $4 million in investment from Earlybird Ventures today. Using cloud-based software, the system enables companies to manage their B2B payments online in real time.
Traxpay is striving to refine the payment process by giving businesses a more streamlined way to send and receive payments online, as well as greater control over the transactions. Companies can also manage their transactions and have instant access to funds.
“Online B2B payments represent a nearly $250 billion market with many inefficiencies, and we think it is a massive opportunity for innovation,” said Jason Whitmire, a partner at Earlybird. “Traxpay’s unique blend of enterprise software, payments, and banking expertise will deliver one of the most disruptive technology solutions since Paypal reshaped the B2C payments market.”
Traxpay also announced the appointment of John Bruggeman as CEO. The company is headquartered in Mountain View, Calif., with an R & D office in Cologne, Germany. The company was founded in 2009 and will use the funding to continue building the European customer network and expand into the US.