Just days after cash flow management software firm Coupa grabbed headlines for its latest fundraising round, one that valued the company at more than $1 billion, Coupa is continuing its momentum of growth through a new partnership.
Reports Thursday (June 4) announced that Coupa is partnering with MasterCard to offer expansive new services to enterprise clients in need of greater insight into their cash flow and spending. Through MasterCard’s Commercial Products and Enterprise Partnerships operations, Coupa and MasterCard will together develop an array of new solutions, with the first one already announced.
MasterCard is rolling out its In Control for Commercial Payments virtual card product, a service that the companies said is integrated into Coupa’s existing Procure to Pay platform. Corporate customers using the Coupa platform will be able to accept the MasterCard tool to settle invoices.
The pairing allows businesses to pay as soon as a transaction is approved, “delivering a streamlined, highly secure invoice-to-pay process with rich remittance detail that reduces the cost, time and risk associated with traditional payment methods,” the companies said in their announcement.
According to MasterCard Group Executive, Global Commercial Products Edward Glassman, the partnership is part of MasterCard’s efforts to expand its B2B financial services offerings. “Integrating our payment capabilities into the broader B2B ecosystem is a key pillar of our strategy,” he said in a statement, “and this partnership demonstrates MasterCard’s focus on helping our customers streamline processes to realize cost saving and optimize business performance.”
A tie-up with a high-profile payments service provider like MasterCard came in the same week that Coupa announced a new $80 million funding round, which ultimately valued the firm at more than $1 billion, making the SaaS provider B2B’s newest unicorn. The money will be used to expand its services throughout the U.S. and EU, Coupa’s CEO Rob Bernshteyn said, as well as to launch new operations in Asia, Latin America and Australia.