Transactive has received $1.5 million seed funding from AngelRush. Transactive is a UK based payments platform that integrates the growing number of payment platforms. Transactive describes itself as a “Payments Translator.”
Transactive develops transaction-processing software that enables single-source access to payment systems such as Visa and Mastercard, Instant SEPA credits in Europe, Faster Payments in the UK, ACH in North America, and more. Transactive “embraces international business and the spirit of the Revised Payment Service Directive (PSD2), creating new streamlined solutions for companies to connect to required payment services worldwide.”
“Seymour” is the name of their primary application. Seymour allows businesses to manage the complexities of international transactions by providing them with an integrated solution that sends and receives payment over multiple channels, in multiple currencies, and in multiple languages using one universal format.
Transactive says it adds value to the Seymour platform by providing eligible businesses with a means to conveniently connect with the key services required to conduct trade – virtual IBANs for SEPA credits and connection through Seymour to the UK banking system for Faster Payments.
“Transactive’s team has the power to change the paradigm of the global electronic payments ecosystem,” says David Lukrich, managing partner of AngelRush Ventures. “In CTO Joerg Beekmann’s 20+ years of experience building payment platforms, he has proven to be a unique visionary. AngelRush will invest in his leadership to build a new platform that will unify multi-national payment systems, enabling real-time payments for SMEs and large corporations around the world.”