TabaPay in Palo Alto, Calif., raised $155 million and agreed to buy Transact Bank in Denver.
The money movement platform said in a press release that the funding round was led by FTV Capital. The $6.5 million-asset bank would be rebranded as TabaBank if the acquisition closes; the price wasn’t disclosed.
TabaHoldings is the proposed bank holding company. The bank acquisition is expected to close in the fourth quarter.
“For nearly a decade, TabaPay has helped innovative fintech companies move money faster, more efficiently and more reliably,” Rodney Robinson, TabaPay’s co-founder and CEO, said in the release. “The planned launch of TabaBank will bring payments and banking capabilities under one roof, offering our clients a more integrated experience while continuing to work alongside our network of bank partners.”
As part of the transaction, Robert Anderson joined TabaPay’s board.
Financial Technology Partners and Reed Smith advised TabaPay. Gibson, Dunn & Crutcher advised FTV Capital.