Los Angles-based financial software company Exactuals has reported that its flagship PaymentHub product saw 250% year-over-year growth over the past 12 months, and passed $1 billion in all-time dollars processed.
PaymentHub allows studios, unions, guilds, payroll companies, music publishers, record labels, distributors and marketplaces to provide direct deposit payments, tax document management and online reporting to rights-holders, performers, managers, service providers and independent contractors worldwide.
According to the company, this automated system reduces or eliminates the need for costly paper checks and reporting.
Exactuals reports that PaymentHub’s growth was driven by an expanding client base, which the company says grew at more than 100% in 2020.
Exactuals also notes that its acquisition of Backlash Solutions in January 2020 contributed to this growth.
In addition to PaymentHub, Exactuals recently launched RAI – an artificial intelligence tool used by record labels and publishers to optimize ownership metadata for the calculation and payment of royalties.
Founded in 2011 by Mike Hurst, Exactuals was acquired by City National Bank in 2018 for an undisclosed sum.
In February 2017, City National participated in a $10 million round of funding for Exactuals.
“I am proud to say, Exactuals represents the safest and fastest path to payment modernization in the industries we serve.”
Mike Hurst, Exactuals
“The extraordinary growth of PaymentHub over the past year is exciting, and we expect to see the trend continue in 2021,” said Mike Hurst, Co-Founder and CEO of Exactuals.
“The support of City National and Royal Bank of Canada has accelerated growth for our business by removing any market concerns around scale. When we were small and independent, we had to fight to prove we were a safe bet.
“Today, as a wholly owned subsidiary of one of the world’s largest banks, our clients know they are working with a trusted and stable global institution that puts security and business continuity above all else.
“City National and Exactuals are proud to reach this momentous milestone.”
Verna Grayce Chao, City National Bank
Verna Grayce Chao, Executive Vice President in charge of City National Bank’s Treasury Management Solutions, added: “City National has always been there for the entertainment industry, and during the pandemic we have doubled down to provide our clients with better, faster, and more efficient service.
“We have a client obsessed culture and we’re dedicated to meeting our clients’ unique needs. PaymentHub allows us to do just that.
“We’re providing leading technology-based solutions that have replaced outdated processes, paper checks and manual reporting – providing greater security, accuracy, transparency and speed. City National and Exactuals are proud to reach this momentous milestone.”Music Business Worldwide