Harbor Payments Corporation plans to expand internationally, make acquisitions and expand its infrastructure now that it has $40 million in new capital.
Oak Investment Partners committed the capital to Harbor Payments. As part of the deal, Annie Lamont, a general partner at Oak Investment Partners, will join Harbor Payments’ board.
“Harbor Payments is well-positioned to be a leader in the fast-growing and dynamic electronic invoicing and billing markets,” Lamont said. “The company has developed broad capabilities to serve a wide variety of industries and we are excited to partner with an experienced senior management to accelerate the growth of the business.”
Harbor Payments has more than 50 clients such as UPS, Kodak, Proctor & Gamble, American Express, and AIG. It provides electronic invoicing services for those firms.
The firm also has more than 100 clients for its electronic billing services. Among those customers are Time-Warner Cable, Sallie Mae, Energy East and Chevron.
Gene Lockhart, a former chief executive officer at MasterCard International, also joined the Harbor Payments board.
Harbor Payments was founded in 2001. It forecasts an 80 percent growth in transaction volume this year. The company has some 200 employees.
“While there was much interest from the investment community in Harbor Payments, we were delighted to have the opportunity to partner with Oak” said Ashish Bahl, chief executive officer and founder of Harbor Payments. “Oak has a tremendous track record in venture capital dating back to 1978, they delivered value to Harbor during due diligence, and were fully aligned with Harbor Payments’ management in their view of the trajectories of the rapidly developing electronic billing and invoicing markets.”
Before founding Harbor Payments, Bahl worked for Atlanta-based iXL as senior vice president of iXL Ventures and the founder of iXL’s Financial Services Practice Group.
Other investors in Harbor Payments include MMC Capital, Fortis, Inc., eOne Global, Wachovia Capital Associates, the NCO group, and Guyton Partners.
Harbor Payments: www.harborpayments.com