Exactuals Raises $10M via Deal That Brings Direct Deposit to SAG-AFTRA Members
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 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 Bank. “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.”