Union First Market Bankshares buys a 20 percent stake in The Payments Co.
Union First Market Bankshares Corp. in Richmond said Monday that it has made an investment in The Payments Co. (TPC) a privately held company that enables businesses to pay vendors electronically using its proprietary cloud based software and vendor network.
“Union is pleased to make an investment in this rapidly growing Virginia payments processing company,” G. William Beale, president and CEO of Union First Market, said in a statement. “The Payments Co. has been successful in developing effective business to business (B2P) payment solutions for small and mid-sized companies and Union is excited to team up with TPC to help it expand its capabilities in the large, but fragmented B2B payments marketplace.”
Steve Winston, founder and CEO of TPC, said Union’s 20 percent stake in the company would help the company expand its national footprint. “We now have clients in seven states and look forward to introducing our … solution to additional businesses across the U.S.”
In addition to the equity investment in the company, Union will hold one seat on The Payment Co.’s board of directors.
Headquartered in Richmond, TPC facilitates electronic payments between businesses and their vendors and employees. Backed by its proprietary software, the company provides a disbursement solution that includes software integration, vendor enrollment, payment processing, and reconcilement. Businesses can transition to more efficient electronic payment methods while earning cash rebates.