Payformance reaps $13 million

Payformance said Wednesday that it raised $13 million in a third round of funding from ABS Capital Partners, which gains two seats on the company's board of directors. The Jacksonville, Fla.-based company was founded in 1984 and provides business-to-business electronic payment software and services for the finance, insurance, banking, state and local government, and manufacturing sectors. Payformance will use the financing to fund ongoing operations as well as the expansion of its sales and marketing efforts.