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Entertainment industry-focused fintech startup Exactuals raises $20.6M in two quick rounds
Exactuals LLC, a financial technology startup focused on the entertainment industry, has raised $20.6 million over two rounds a week apart.
Its initial $10 million Series A round on Feb. 8 was led by City National and TTV Capital, with participation from Stanford-StartX Fund, S-Cubed Capital, Palo Alto Venture Partners, Skyview Fund, The Strand Partners and Temerity Capital. An unusually quick follow-on Series B round of $10.6 million was announced Feb. 17 coming from Entertainment Partners and the two Series A round leaders.
Exactuals offers a software-as-a-service platform called PaymentHub that assists enterprises in paying non-employees. The platform registers clients’ data, calculates payments based on preferences, aggregates payment data and distributes deposit payments to non-employees.
Exactuals currently offers its services to firms in the music and film industries. It recently signed a long-term contract that will allow the entertainment industry’s largest union, the Screen Actors Guild-American Federation of Television and Radio Artists, to offer direct deposit of residual payments to its 160,000 members for the first time. According to details sent to SiliconANGLE, the deal with SAG-AFTRA will save an estimated 15 million sheets of paper annually and, according to the company, eliminate costly postage fees while resulting in faster and more secure payments for union members.
As part of the Series B round, Exactuals and Entertainment Partners has signed a deal that will enable EP to execute residual payments via Exactuals’ PaymentHub, allowing the company to simplify complex payment processes and expand the number of services it can offer clients. EP Chief Finance Officer Darren Seidel is also joining the Exactuals’ board.
Founded at the Stanford Graduate School of Business in 2011 with a mission to modernize entertainment payments, Exactuals has now raised over $21 million to date. The company said it would use the new funding to build its relationships with the SAG-AFTRA and with EP, including new hiring.
Image courtesy of Exactuals
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