Its initial $10 million Series A round on Feb. 8 was led by City National and TTV Capital, with participation from Stanford-StartX Fund, S-Cubed Capital, Palo Alto Venture Partners, Skyview Fund, The Strand Partners and Temerity Capital. An unusually quick follow-on Series B round of $10.6 million was announced Feb. 17 coming from Entertainment Partners and the two Series A round leaders.
Exactuals offers a software-as-a-service platform called PaymentHub that assists enterprises in paying non-employees. The platform registers clients’ data, calculates payments based on preferences, aggregates payment data and distributes deposit payments to non-employees.
Exactuals currently offers its services to firms in the music and film industries. It recently signed a long-term contract that will allow the entertainment industry’s largest union, the Screen Actors Guild-American Federation of Television and Radio Artists, to offer direct deposit of residual payments to its 160,000 members for the first time. According to details sent to SiliconANGLE, the deal with SAG-AFTRA will save an estimated 15 million sheets of paper annually and, according to the company, eliminate costly postage fees while resulting in faster and more secure payments for union members.
Click here to read the full article!