B2B e-commerce takes the lead in venture capital

B2B payments and accounting continue to capture the imagination of innovators and the attention of investors in this week’s venture capital roundup. But B2B e-commerce took the biggest slice of the pie and introduced the market to a new unicorn in the process.

SimpliFi

Corporate FinTech SimpliFi Card has raised an undisclosed sum for its Cards-as-a-Service platform for businesses in the Middle East and Pakistan. Based in the United Arab Emirates, SimpliFi provides a platform that allows third parties to issue their own prepaid corporate cards for a variety of use cases, including employee and worker payments and payroll together. . Although the company has not disclosed how much it raised, the company said the seed funding, which closed earlier this year, was led by Raed Ventures, Rally Cap and Sukna Ventures. Angel investors also participated.

Read more: Cards as a Service Tackle Market Fragmentation in MENA

MedPay

MedPay in India has announced a funding round of $ 1.2 million for its API technology, enabling healthcare providers to seamlessly accept payments from insurance companies. Its network of connected cards, powered by artificial intelligence, facilitates real-time payment acceptance and a simplified, cashless claims process for insured consumers. UK-based Entrepreneur First and GrowX Ventures provided the funding, the company said.

Main chain

B2B payments based on the FinTech blockchain CoreChain has secured $ 1.25 million in pre-seed funding from Ulu Ventures, Connecticut Innovations, Bloccelerate VC and New Form Capital. CoreChain said in its announcement that it will deploy the funding to focus on acquiring customers and expanding its network, which uses blockchain to facilitate B2B payments and business financing. Its solution offers an integrated model for third parties, including ERP’s, software vendors, banks and other platforms, to deliver B2B payment functionality to their own customers.

Read more: DeFi prepares for disruption in B2B payments, starting with data

Yaydoo

Accounts receivable tech startup Yaydoo has announced $ 20 million in new funding for its B2B payment acceptance solution. TechCrunch reported that Base10 Partners and Monashees co-led Series A, which also saw participation from SoftBank’s Latin America Fund and Leap Global Partners. Yaydoo offers a P card solution, along with other products to support small business cash flow management, financing and digitization, with support for accounts payable and accounts receivable workflows. . Based in Mexico City, Yaydoo said she would use this investment to expand her team across Mexico and expand into new markets in Latin America.

Confidence reserve

With $ 30.5 million in Series A funding, Colorado-based Reserve Trust will be able to expand its B2B payment service that uses a variety of payment rails to optimize transactions that banks and other financial institutions deliver to their own corporate clients. Designed to overcome the challenges of traditional correspondent banking services, Reserve Trust can facilitate domestic and cross-border B2B payments by integrating with existing payment infrastructure. QUED Investors led the round, while FinTech Collective and Ardent Venture Partners also participated.

Zeni

Indian Zeni revealed a $ 34 million Series B funding round this week via a blog post, noting that Elevation Capital led the investment, while Think Investments and Neeraj Arora also participated. Zeni operates a business accounting and accounting platform and said the investment will allow the startup to expand its services into new verticals and acquire new clients. Designed to help businesses automate corporate finance, Zeni said existing funders including Saama Capital, Amit Singhal, Sierra Ventures, Twin Ventures, Dragon Capital and Liquid 2 Ventures also participated in the round.

OFB Tech

Indian company OFB Tech this week became the latest B2B FinTech unicorn for its OfBusiness offering, a B2B e-commerce platform that offers raw material sourcing tools as well as integrated treasury financing for business users. The company announced $ 160 million in new funding led by SoftBank’s Visino Fund 2, according to reports, noting that the startup is now valued at $ 1.5 billion. The funding will allow OFB Tech to expand its B2B e-commerce portal to include semi-finished products, private labels and contract manufacturing. The company also said it is looking to expand geographically and invest in new marketing channels. Existing investors Matrix Partners and Falcon Edge also participated.

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PYMNTS DATA: 100 HEALTH EXECUTORS DECLARE USE OF AI TO FIGHT FRAUD, WASTE AND ABUSE

About: Healthcare companies lose 12% of their annual revenue to fraud, waste and abuse (FWA), but few are using artificial intelligence (AI) to solve these problems due to cost concerns. In AI In Focus: Targeting Fraud, Waste and Abuse In Healthcare, PYMNTS surveyed 100 healthcare executives to find out how AI could actually help businesses save money by limiting costly misrepresentation and false positives.

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