German investment firm Earlybird Ventures has pumped $4 million into Traxpay, a provider of realtime business-to-business payment solutions.
The company is today also announcing that it has appointed enterprise software industry veteran John Bruggeman, who has stints at Cadence, Wind River, Mercury Interactive and Netscape under his belt, as chief executive officer.
The fresh capital is meant to enable Traxpay to expand its initial customer base in Europe and prepare for its expansion to the US in the third quarter of 2012.
The company has built its commercial enterprise software solution in partnership with management consulting firm Accenture, which has experience developing proprietary peer-to-peer banking systems.
The most interesting thing about Traxpay’s real-time payment solution is that it gives its customers instant access to funds without having to wait for standard payment terms. That should grab the attention of many a company.
Traxpay is headquartered in Mountain View, California with R&D operations in Cologne, Germany.