With this idea in mind, and a network of strong supporters from Accenture, SAP, and experts in the payments industry, the foundation of the technology platform was established, and Traxpay was born.
Operating in stealth mode, and funded by several angel investors until early 2012, the Traxpay team conducted a thorough customer study with some of the most important customers of SAP such as Intel, Colgate, Walmart, Bayer, EOS, and Würth, and formed the initial building blocks of its patent-pending B2B payments platform.
Validating product market fit and seeing the need to scale operations to support demand, the Traxpay team sought professional backing from the venture capital community. In 2012, the first professional round of financing was executed via Earlybird Venture Capital. The funding enabled Traxpay to continue its momentum with initial customers and to build out the Payments platform.
In 2012, John Bruggeman joined the Traxpay team as CEO. Mr. Bruggeman’s extensive leadership experience in enterprise software companies such as Netscape, Mercury Interactive, Wind River, and others, was an ideal complement to the team and to help accelerate growth and global scale.
Attracting industry top talent in all functions of the organization, today’s Traxpay team combines the expertise of leaders from the banking, payments, finance, system integrator, and enterprise software industries in the United States and Europe.
Seeing the need to accelerate progress, and on the heels of a successful two years in the market with its Payment platform, in 2014, Traxpay raised a second professional round of financing that included Europe’s second-largest bank, Commerzbank, Main Incubator, and Software AG, a global leader in enterprise data. The future of B2B Commerce requires the convergence of banking, enterprise data, and B2B trade, and the fact that the biggest names in FinTech are linking arms with Traxpay to deliver on that future, is a strong testament to the vision.
As of 2014, Traxpay is transforming the way that businesses connect, interact, and transaction with its B2B Payments platform. The patent-pending platform uniquely combines secure, flexible, real-time, 24/7/365 electronic payments with any and all structured and unstructured data related to a transaction.
What further sets Traxpay apart is its unique workflow engine that automatically monitors and dynamically affects changes to the who, what, when, where, why, and how of a payment‹while keeping all the data, changing business conditions, and the transaction synchronized.
Traxpay customers include B2B commerce network operators, digital marketplaces, and corporations who value the security, speed, flexibility, predictability, and savings the Traxpay platform and its many features provide.
Whether customers choose to use Traxpay for executing standard, express, real-time, after-hours, milestone, or conditional payments—or for facilitating dynamic discounts, early payments, factoring, escrow, or supply chain financing—buyers and suppliers now have a new powerful strategic weapon to manage their business with the ultimate in visibility and control for B2B transactions.
The Traxpay B2B Payments platform was built to address the needs of modern B2B commerce and accelerate business across the supply chain with faster, safer, and smarter B2B payments. The company is privately held and is headquartered in Frankfurt, Germany, with U.S. offices in Silicon Valley, California.