Google announced the acquisition of platform-as-a-service payments company, TxVia. In 2010, TxVia completed a 27.5 million dollar series d funding, and has since expanded its global operations. Recently, TxVia Philippines opened its Manila office, and expanded its operations to serve as hub for its call center operations, payments processing, risk management, and fraud detection as well as software development.
Google stated that its reason for acquisition is TxVia’s 100 million accounts. TxVia has defined the fast-growing prepaid card segment in the emerging payments space, and is well-known for its end-to-end financial technology services.
On its homepage, TxVia issued a statement saying,
“For more than 5 years, TxVia has been delivering groundbreaking processing solutions to enable new and increasingly complex forms of payment. We’re delighted to announce that as of April 2, 2012, we are continuing that mission at Google.
Success in payments requires not only innovative technology and operational excellence but also broad collaboration. As part of Google, we look forward to expanding our partnerships with both the payments industry and a wide variety of other organizations that are pioneering a new era of commerce.”