Payment Processing Innovator Secures $4M in Debt Financing from Silicon Valley Bank
HOUSTON, March 15, 2017 /PRNewswire/ — Noventis, Inc., (Noventis), a leading Fintech innovator in bill payment processing, today announced the completion of $4M of debt financing with SVB Financial Group (NASDAQ: SIVB). Noventis plans to use the new investment to further its rapidly growing processor business.
The deal comes on the heels of two consecutive years of record EBITDA and earnings growth for Noventis. Part of the financing will be invested into the main drivers of the company’s recent growth: its proprietary payment processing platform, and its rapidly growing network of over 100,000 electronic endpoints (billers, suppliers, vendors).
Noventis has become a leading bill payments provider serving more than 5,000 originators (financial institutions, payment processors and aggregators, retailers, and software providers). Dedicated to eliminating paper, accelerating posting time and enhancing security, Noventis is bringing payment modernization to companies previously unable to participate in the e-payments revolution.
“We’re pleased to provide this debt financing to Noventis,” said Weston Rice, Vice President at Silicon Valley Bank. “The company’s innovative solutions provide both speed-to-market and the functional agility to maximize its rapidly expanding network of billers.”
As the bank of the world’s most innovative companies and their investors, SVB Financial Group has a reputation for helping businesses advance their goals and achieve success in fast-growing markets.
“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,” said Steve Taylor Chief Executive Officer at Noventis. “Silicon Valley Bank is the ideal strategic partner for companies in the Fintech space and I’m excited about our relationship going forward.”
Noventis is trusted by over 5,000 financial institutions, processors and aggregators to deliver electronic payments between the broadest base of businesses and consumers. Since 1998, Noventis has been providing its partners with innovative solutions to longstanding bill payment challenges. Noventis’ proprietary processing platform dynamically routes payments to a vast and ever growing network of billers. The patented platform replaces cumbersome transactions, such as paper checks, with a wide array of electronic payment methods, greatly accelerating delivery speed and dramatically lowering costs for payments to billers and vendors. For more information, visit www.NoventisPayments.com, www.linkedin.com/company/noventis-inc. and @Noventis_Inc.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.