News: Novitas Capital


PA Early Stage Provides Follow-on Investment for e-Duction

Company to launch new payroll deduction product as 'The Ultimate Way to Pay'

BLUE BELL, PA (December 17, 2001) – e-Duction, Inc., the provider of a no-interest, payroll deduction credit card, today announced that it has received $12.3 million in funding from multiple investors, led by global payment services leader First Data Corporation (NYSE: FDC). Additional investors include PA Early Stage, RRE Ventures, and the Eastern Technology Fund.


e-Duction will utilize the proceeds to roll out its MasterCard-branded e-Duction payroll deduction, no-interest credit card, as well as to increase staffing in the company's sales and marketing departments. e-Duction has raised approximately $26 million in three rounds of funding since its inception.