Transactis, a billing and payments company, has received a $30 million investment from Safeguard Scientifics and five banks.

Transactis said in a press release that Capital One Financial, Fifth Third Bancorp, PNC Financial, TD Bank and Wells Fargo each invested $5 million in the funding round.

Transactis said it aims to bring traditional billing and payment processing to companies with digital alternatives for paper bills, statements, invoices, payments and documents. It serves financial institutions, technology firms, printers and business process outsourcers. Transactis, launched in 2013, now reaches 100 million households and businesses in North America.

The banks that participated in the round framed the deal as an investment in innovation with the goal of enhancing consumer and business customer experience.

"Business back offices are still paper-heavy, and TD is committed to helping more than half a million businesses we serve become more time and resource efficient," Rick Burke, TD’s head of corporate products and services, said in the release. "We believe that our investment … will help meet our customers' demand for leading electronic payment solutions across North America."