B2B FinTech startups across the U.S., U.K., Europe, Asia and the Middle East landed some more money in their pockets thanks to investors. Funding was modest and, in a few cases, kept secret, but the variety of investment activity is a positive sign for the industry: cross-border payments, procure-to-pay, alternative finance, and even fleet saw some action, totaling more than $15 million in (known) funding rounds.
Former Towergate CEO Andy Homer led a $647,000 funding round for the U.K.’s Money Mover, a startup focusing on cross-border payments for the SME crowd. Reports this week said Money Mover will use the new investment to expand its partner program that allows third parties to integrate and offer Money Mover’s global payments capabilities to their own clients. In a statement, Homer said the company has a “big opportunity” to target a customer base that often isn’t a focus for traditional banks. Further, he said, fueling its partnership program means Money Mover can not only grow its business, but can help accountants and consultants provide more adequate services to their own SME clients.
In its first-ever funding round, U.S.-based Accrualify raised $600,000 from Envestnet executive Scott Lee and Swan Venture Fund. Accrualify provides procure-to-pay solutions, including vendor management, accounting, spend management and other features, looking to fill gaps left by other P2P solutions. The firm provides add-on services, including invoice automation, payments, purchase order management and accrual management.
Fleet-based startups are few and far between, but OnTruck bucked the trend and secured a strong $10 million this week, reports said. The Spanish company’s Series A funding was led by Atomico and Idinvest, while Point Nine Capital, La Famiglia and Samaipata Ventures also participated. OnTruck provides on-demand road freight services, offering businesses with a digital platform to gain an instant price quote and a way to book destinations, dates and truck specifications with their reservation. OnTruck also provides a platform for logistics, fleet managers and freight providers accepting jobs. Reports noted that OnTruck is looking to disrupt a process that is typically done manually, over the phone, via fax or in person. The company also offers real-time pricing for the solution, using a proprietary algorithm to dictate price instead of relying on a tendering price model. The company supports payment on its online and mobile app platforms. Reports said OnTruck will look to expand across Europe, including the U.K.
With a focus on providing SaaS that streamlines logistics for eCommerce sellers, Singapore-based Anchanto has enticed investors. Reports said the company secured Series B+ funding from Luxasia Group and Transcosmos Inc. Japan, though reports did not say how much Anchanto raised. In a statement, the company’s Founder and CEO Vaibhav Dabhade said the investment “is crucial in our ambition to reinforce our leadership in markets we are presently in and also venture in other countries by growing our team and further [developing] our products’ capabilities.”
A former CEO at Citigroup, Shirish Apte, invested in UAE-based invoice and supply chain financing company Invoice Bazaar, the company said this week. Apte, who is a former Citigroup CEO and Asia Pacific chairman, will also join Invoice Bazaar’s advisory board. Reports did not reveal how much the company secured from the investment, however, but Apte did say that Invoice Bazaar has a “compelling” business model: Rather than competing directly against traditional lenders, it collaborates with them. “The marriage of banks with FinTech, in my opinion, is the model of the future,” he stated.
U.S.-based InterNex revealed this week it raised $3.85 million from family offices and private investors, surpassing its initial target of $2.5 million in seed funding. InterNex, founded by ex-GE Capital senior executives and FinTech experts, provides SMEs with working capital via asset-based financing. So far, the firm has lent $5 million to its business customers. Reports said the company will use the investment to focus on sales and market, scale business operations and improve its underlying technology.
India-based alternative consumer and SME lender Bajaj Finance is reportedly looking to raise $150 million from International Finance Corporation. IFC’s funding would be used to lend to micro-, small- and medium-sized businesses, reports said, but it wouldn’t just be targeting Bajaj: reports noted IFC is looking to also invest up to $100 million in Fullerton India Credit Company and an additional $50 million in Capital First, all in an effort to finance SMEs in the country.