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."
About Noventis
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/noventis-secures-4m-in-debt-financing-from-silicon-valley-bank-300423842.html
SOURCE Noventis, Inc.