Brex Leads A Busy Week In B2B FinTech Funding

Brex, Weav, acquisition

Corporate card startup Brex made headlines this week with its funding round that propelled its valuation to $7.4 billion. It was certainly the largest deal of the week, but with more than $836 million in new investments for the B2B FinTech community, it was far from the only one.

MRB Direct

California-based MRB Direct offers technology for banks and other non-financial institutions to process payments and receivables with an eye on both B2B and B2C transactions. The company announced that Austin Capital General Partner provided seed funding in the company, though MRB Direct declined to reveal how much it raised. In a statement, the company’s President Patrick Chung said, “Cash-intensive companies struggle to find financial institutions that are willing to be long-term partners. Through our partnership with Austin Capital, we have been able to deepen and expand our partnerships with depository financial institutions, which allows us to rapidly increase the number of companies we work with across the country.”

Trade Capital Partners

Trade finance startup Trace Capital Partners (TCP) has raised an undisclosed sum for its Series A investment round led by Modus Capital, while Eldaba Family Office and several angel investors also participated. Targeting a variety of businesses in global supply chains, including exporters and importers, small businesses and other traders, United Arab Emirates-based TCP connects firms to working capital through its proprietary underwriting process and a blockchain network. The company did not reveal what it plans to do with the investment.

Cardlay

Copenhagen’s Cardlay connects financial service providers and corporates to technology to issue cards with integrated expense management capabilities, an offering that impressed investors at Global PayTech Ventures (GPT). The companies did not disclose how much GPT invested in Cardlay, nor did they reveal how the FinTech plans to use the funding.

Beldara

India’s Beldara, a B2B eCommerce solution provider, raised $7.4 million in new funding, LiveMint reported recently. The online B2B marketplace, which saw the funding from Hindustan Media Ventures, said it will deploy the funding to accelerate growth by adding new product categories to its marketplace and strengthening its brand presence. Specifically, reports said, Beldara is looking to introduce agriculture products to its offering via its Farm 2 Globe venture.

Pactum

Offering automated contract negotiation technology, Pactum has raised $11 million in Series A funding led by Atomico, Venture Beat said. The company’s software enables corporates to negotiate contracts with suppliers, and counts Walmart among its users. Project A, Metaplanet, Checkout.com’s CTO Ott Kaukver, TransferWise’s Co-founder Taavet Hinrikus and Teleport’s Co-founder Sten Tamkivi all participated in the round, though reports did not indicate what Pactum plans to do with the funding.

Veryfi

Also based in California is artificial intelligence (AI) and data transformation platform Veryfi, which raised $12 million in Series A funding led by NewView Capital. TI Platform Management and existing backer Act One Ventures also participated. Veryfi enables organizations to obtain insights and value from unstructured data from invoices, emails, PDFs and other sources. The tool can be used for a variety of use cases, including B2B payments, expense management, accounts payable and accounting. Veryfi did not reveal what it plans to do with the funding.

Bizongo

B2B eCommerce startup Bizongo, based in India, landed $51 million in Series C funding, according to BWDisrupt. The company, which provides a platform for buyers and sellers of made-to-order goods, raised the funds from the U.K. government’s finance development body CDC, as well as Addventures, based in Thailand. Schroder Adveq, Bruno Raschle and existing investors Accel, Chiratae and IFC also participated. The company said it will use its latest funding to expand its B2B eCommerce technology into new product segments, and will focus on emerging markets across Southeast Asia.

Viva Wallet

Greece’s B2B FinTech community lands on the board this week with the $80 million fundraise for Viva Wallet, a neobank targeting small and medium-sized businesses. TechCrunch reported that the company is already operating in 23 markets across Europe and will continue its global expansion, now with help from investors at Tencent, the European Bank for Reconstruction and Development, Breyer Capital and Hedosophia. The company declined to disclose its valuation, reports said.

Rho Technologies

Small business banking technology firm Rho Technologies announced a $100 million debt financing deal from Community Investment Management, which the company said it will use to invest in new product offerings to SMB clients. With a focus on modernizing business banking, Rho, based in New York City, operates a platform to help businesses streamline financial management with support for a distributed workforce.

SaaSOptics And Chargify

These two businesses are landing in the funding round together as a result of backing from Battery Ventures. The investment firm revealed that it placed more than $150 million in equity funding in the two complementary companies, both of which provide technology to help Software-as-a-Service companies manage billing, automate collections and handle payments and revenue recognition workflows. Battery Ventures did not disclose how much it invested in each firm, but said the investment will help the FinTechs strengthen their own product offerings.

Brex

The largest funding round of a B2B FinTech this week went to commercial card startup Brex, which secured $425 million in Series D funding, and a $7.4 billion valuation along with it. In conjunction with the investment announcement, Brex also debuted its all-in-one financial management platform for SMBs to consolidate their various financial accounts, pay bills and more. Tiger Global led the round, while new investors TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management and Base10 also participated. Returning backers included Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP. Brex said the funding will fuel the company’s growth and help to further expand its new financial management platform.