B2B Payments

Globality Launches To Put SME Sellers On A Global Stage

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A new online B2B marketplace has launched, though it’s not simply a platform for companies to procure goods online.

Reports Wednesday (Jan. 11) said Globality has emerged on the B2B services scene, offering a new B2B services marketplace for SMEs and large companies to procure and sell professional services.

“Our mission is to make globalization work for more businesses and more people around the world,” explained Cofounder and CEO Joel Hyatt in a statement. “We will bring buyers and sellers unprecedented access to new business opportunities.”

According to the company, Globality is the first to offer an international marketplace for B2B services. Hyatt added that it will focus on small and medium-sized enterprises with its offerings, helping them to grow on an international stage. The platform enables companies to be matched to potential clients and service providers — with solutions for both buyer and seller — using artificial intelligence and human expertise.

“We want to create a new class of ‘micro-multinationals’ — SMEs from the service sector that are exporting their services and unlocking the benefits of being a global company,” the executive added.

Research released by HSBC last year suggested that SMEs that do offer international services are held back by anxieties about international expansion. Three-quarters of SMEs surveyed at the time said, though they would like to trade internationally, they lack “international business experience and knowledge.”

The debut of the online marketplace comes after Globality officially launched in 2015, with bases in both London and Silicon Valley. Investors have so far provided $37.5 million to the firm, with high-profile supporters including Al Gore and Yahoo CFO Ken Goldman. According to the company, the platform will initially focus on the marketing, legal, energy, environment and social impact industries, with support for other verticals to follow.

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