Complex payments provider Exactuals has raised $10m in a Series A round to modernise payments in the entertainment industry.
City National and TTV Capital led the round with participation from Stanford-StartX Fund, S-Cubed Capital, Palo Alto Venture Partners, Skyview Fund, The Strand Partners, Temerity Capital and angel investors.
The Los Angeles-based company offers a SaaS platform, named PaymentHub, designed to manage high volumes of residuals, royalties and other complex payments.
The funding coincides with Exactuals inking a deal with SAG-AFTRA, the entertainment industry’s largest union, to offer direct deposits of residual payments to its 160,000 members.
Exactuals CEO and co-founder Mike Hurst said: “We are thrilled to work with the industry’s largest union in SAG-AFTRA and most trusted financial institution in City National to bring secure direct deposit to the residuals space.
“Our organizations strive to bring technological innovation to our clients and members, and we are eager to share our work with the industry.”
SAG-AFTRA’s national executive director David White said: “This represents a tremendous innovation for our industry and I want to thank and congratulate our partners for their foresight, investment and collaboration on this project.”
Copyright © 2017 FINTECH GLOBAL