LOS ANGELES, Feb. 8, 2017 /PRNewswire/ -- Exactuals, provider of an innovative SaaS platform for complex payments, today announced it has previously raised $10 million in series A funding after signing a long-term landmark contract that will allow the entertainment industry's largest union, SAG-AFTRA, to offer direct deposit of residual payments to its 160,000 members for the first time. SAG-AFTRA (Screen Actors Guild-American Federation of Television and Radio Artists) is the first entertainment union to use Exactuals for residuals payment processing and will be the company's largest customer in this market. The round was led through City National and TTV Capital with participation from Stanford-StartX Fund, S-Cubed Capital, Palo Alto Venture Partners, Skyview Fund, The Strand Partners, Temerity Capital, and angel investors Russell Siegelman, Mark Leslie, Steve Dow, and John Svoboda among others.
With this round comes a new alliance formed by Exactuals, SAG-AFTRA, and City National that represents a major step toward solving an industry-wide residuals payment problem. The initiative will save an estimated 15 million sheets of paper annually, eliminate costly postage fees, and result in faster and more secure payments while enhancing both member service and reporting capabilities. Residuals payors will benefit from reduced costs, enhanced reporting, and heightened security. City National will facilitate processing of all funds which can be deposited to any domestic checking account.
"We are thrilled to work with the industry's largest union in SAG-AFTRA and most trusted financial institution in City National to bring secure direct deposit to the residuals space," said Mike Hurst, Exactuals CEO and Co-Founder. "Our organizations strive to bring technological innovation to our clients and members, and we are eager to share our work with the industry."
SAG-AFTRA National Executive Director David White said, "Our team has worked with Exactuals and other institutional partners on this initiative for years and I am thrilled now to roll this out to our membership and the industry. This represents a tremendous innovation for our industry and I want to thank and congratulate our partners for their foresight, investment and collaboration on this project. I also salute our terrific staff who have worked so hard on behalf of our membership to make this ambitious goal a reality."
"City National is very pleased to work with SAG-AFTRA and Exactuals in this new landmark process that will make lives easier for many in the entertainment industry," said Martha Henderson, head of the Entertainment Division at City National. "We have a long history serving the financial needs of the entertainment industry and making sure the most innovative, high quality processes are available to all. This new relationship will allow professionals to get these very vital residual payments easier and quicker."
Exactuals was founded at Stanford Graduate School of Business in 2011 with the mission to modernize the entertainment payments space. Its flagship SaaS product, PaymentHub, is used by film/TV, music, and marketplace companies to manage high volumes of residuals, royalties, and other complex payments. With PaymentHub, customers can drive new payment efficiencies and convenience offerings while meeting the strictest requirements for security, accuracy, transparency, and speed.
For more information about today's announcement, please click here.
SAG-AFTRA represents approximately 160,000 actors, announcers, broadcast journalists, dancers, DJs, news writers, news editors, program hosts, puppeteers, recording artists, singers, stunt performers, voiceover artists and other entertainment and media professionals. SAG-AFTRA members are the faces and voices that entertain and inform America and the world. A proud affiliate of the AFL-CIO, SAG-AFTRA has national offices in Los Angeles and New York and local offices nationwide representing members working together to secure the strongest protections for entertainment and media artists into the 21st century and beyond. Visit SAG-AFTRA online at SAGAFTRA.org. Follow SAG-AFTRA on Twitter (twitter.com/sagaftra), YouTube (youtube.com/sagaftra) and Facebook (facebook.com/sagaftra).
About City National
With $47 billion in assets, City National provides banking, investment and trust services through 73 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. In addition, the company and its investment affiliates manage or administer $58 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America's leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 36 other countries.
For more information about City National, visit the company's website at cnb.com.
Founded at Stanford Graduate School of Business in 2011 with the mission to modernize the entertainment payments space, Exactuals provides an innovative SaaS platform used by film/TV, music, and marketplace companies to manage residuals, royalties, and other complex payments for thousands of payees. The company is led by a team of software and entertainment veterans with funding through City National, TTV Capital, S-Cubed Capital, and Stanford-StartX Fund among others. Exactuals is headquartered in Los Angeles, California. For more information, visit www.exactuals.com.