Omaha – May 1, 2006 RemitPro, Inc., a technology company specializing in electronic check processing and identification verification solutions announced that it has completed a 2.5 million dollar round of venture capital financing. The investment was made by Draper Atlantic, a Reston, Virginia venture capital firm known for its information technology expertise, and an affiliate of Draper Fisher Jurvetson. The infusion will provide RemitPro with the growth capital needed to
continue to penetrate its existing markets as well as expand to adjacent markets.
RemitPro provides treasury management tools including Remote Deposit Capture, Automated Clearing House (ACH) and “Check21” software applications. eRemitPro™, a Remote Deposit Capture product for Check21, processes nearly $500 million in transactions per month for firms such as Principal Financial Group, Stifel Nicolaus, A.G. Edwards, and Piper Jaffray.
eRemitPro™ is also the preferred Check21 solution for Thomson Transaction Systems. RemitPro also helps many of the nation’s most respected organizations’ compliance departments — including Edward Jones, Securities America and Dain Rauscher — with a wide range of risk management tools including consumer identity validation, business and institutional identity validation, global watch list screening and, pre-employment screening services.
“RemitPro is extremely pleased that Draper Atlantic made this strategic investment,” said Jana Waughn, RemitPro’s President and CEO. “Draper’s expertise in information technology and the financial services marketplace will be invaluable as RemitPro continues to build on our leadership position in the treasury management and risk management marketplace,” she added.
“After thorough due diligence, Draper Atlantic invested in RemitPro because of its leadership position in the financial services industry and the quality of the team Jana has assembled,” said John Backus, Managing Partner with Draper Atlantic. “This is a potentially enormous market and RemitPro’s industry-leading applications are quickly proving to be an important technology in the financial services back-end processing space. Our investment in RemitPro is an endorsement of their past accomplishments and future growth opportunity,” he added.