Investors seem to be taking a bit of a break this week with B2B FinTechs raising just over $25 million. Funding rounds landed in a variety of verticals, including commercial cards and expense management. But don’t be dismayed: This week also saw the announcement of two new funds to finance SMEs, so more funding is on the way.
Corporate card and expense management company Pleo secured an additional $3.25 million in fresh funding, the company said in an email to PYMNTS Wednesday (Feb. 15), enabling the Denmark-based company to plan its expansion. The funding increases the total raised by the firm to $5.5 million, it said. Right now, Pleo’s offerings, which allow businesses to distribute cards to employees with spend limits and expense management features, are available to businesses in Denmark and are out in beta phase in the U.K. The new financing, provided by European VC Creandum and U.K.-based Seedcamp, will aid the company as it introduces new features for its corporate customers and new integrations with software providers, the company said.
In announcing its $20 million in capital funding, Samanage, based in the U.S., also said Tuesday (Feb. 14) that it is rolling out its Service Desk, Enterprise Edition solution, a service available in the Salesforce AppExchange platform, that uses Salesforce technology to provide employees with a streamlined IT experience. The latest financing was provided by Carmel Ventures, Gemini Israel Ventures, Marker LLC, Salesforce Ventures and Vintage Investment Partners, the company said.
India’s Moka provides POS solutions to SMEs, but its offerings also expand into the back office. The company announced $2 million in fresh funding raised by Mandiri Capital this week, with Convergence Ventures, East Ventures, Fenox VC and Northstar Group also participating in the funding round. Moka told reporters it will use the funds to boost product development and hire new staff. Its POS solution includes sales reports, inventory and customer feedback management aimed at automating business processes for small business owners, the company said.
Also Tuesday, Fyle Technologies, also based in India, revealed $400,000 raised for its corporate expense management solution. Investors from Pravega Ventures led the seed funding, reports said, while Beenext and other backers participated. Fyle enables employees to access an expense reporting platform to automate the expense and reimbursement process, generating data from emails, PDFs and other documents and ensuring that all transactions are aligned with company policy, reports explained. Fyle is in the process of creating a set of APIs to integrate into existing corporate systems, like ERP, accounting and travel management platforms. The investment comes as it provides services to 25 existing clients, as well as beta services to several large enterprises, Fyle said.
It’s not venture capital, but U.K.-based Beechbrook Capital, which provides debt and equity capital, announced an impressive new fund that will be used to finance SMEs. The firm announced late last week that it secured nearly $188 million for the fund from investors across the U.K., Europe and the U.S., including a boosted commitment by the British Business Bank’s commercial unit, British Business Bank Investments.
Also this week, Fika Ventures, based in the U.S., revealed $40 million for its first fund that will target FinTech startups in seed stage. According to reports, Fika is particularly interested in data startups as data analytics and aggregation technology become available to the masses, including to smaller businesses.