B2B Payments

From AR To AP, B2B Investors Broaden Their Scope

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Investors diversified their funding to B2B companies this week, hitting several areas of corporate finance including accounts payable, accounts receivable, payroll and supply chain management. There weren’t any groundbreaking rounds — $4 million here, $10 million there — but a B2B consulting and research company secured an impressive $56 million from backers. Find out who.

B2B Payments

Airpay

Based in India, Airpay operates in both the consumer and business payments space — but offers a solution that combines the two. The company said this week it raised $4 million from Kalaari Capital along with existing backers Rakesh and Rajesh Jhunjhunwala. The funds will be used to continue developing its underlying technology, Airpay said, and to focus on sales and distribution. Airpay enables businesses to accept payments from both consumers and businesses and targets the medium-to-large enterprise space. Its platform supports omnichannel payments and enables its business customers to similarly make payments across platforms.

Payroll

Lystable

Lystable has already secured Series A funding, but reports said week said the Ireland-based company raised an additional $10 million for its solution, which makes it easier for companies to pay freelancers. The firm said the latest cash injection will be used to help shift its business model and refocus more on payments. Valar Ventures led the latest round, while existing investors SciFi VC, Kindred Capital and Goldcrest Capital also participated, according to reports. New backers Flynn Capital and Wilmont Ventures joined in on the latest round, which brings the total of Series A funding raised by Lystable to $21 million.

AP Automation

PlateIQ

With a focus on the restaurant industry, PlateIQ provides accounts payable automation solutions and streamline accounting processes. The company announced $4 million in funding this week led by Eileses Capital. Initialized Capital, Restaurant Group, the Y Combinator Continuity Fund and the Tamares Group also participated, according to reports. U.S.-based PlateIQ’s software is already in use by several high-profile clients including Vino Volo, Nobu Restaurants and the Thomas Keller Restaurant Group. In addition to AP automation, PlateIQ offers a mobile app for clients to take a picture of a paper invoice and automate data entry their systems for faster payments to restaurant suppliers. Reports said the startup plans to use the funds to grow its staff and expand into new markets.

Supply Chain Management

Paradata

This software-as-a-service company hasn’t officially completed a $10 million Series A1 funding round but said this week it’s pretty close to doing so. The firm provides a cloud-based supply chain management solution to help businesses manage sourcing and procurement. The funding in progress will be used to continue Paradata’s use of machine learning and other technologies for its platform, which focuses on providing real-time data into various aspects of the supply chain, including compliance, component cost and go-to-market risks. SAP.iO is joining the funding round alongside existing backers Richmond Global and PivotNorth, reports said.

ERP

WeConvene

As part of a slew of investments from CreditEase Fintech Investment Fund, WeConvene secured Series B financing, reports said this week. The company provides a digital ERP system for the capital markets industry. Its funding coincided with the CEFIF also leading Series C financing for electronic trading platform Trumid and seed financing for peer-to-peer insurance network WorldClover. In a statement, CreditEase CEO and founder Ning Tang said the funding rounds represent the company’s commitment to boosting FinTech in China. The value of each funding round, however, was not reported.

Business Networking

Lynkos

With the inevitable comparisons to LinkedIn, Lynkos offers a business network platform, but the U.S. company positions itself apart from LinkedIn by using digital networking to expand businesses, find new clients and secure projects. The platform also supports payments, reports said. With $2.5 million in fresh seed funding, Lynkos said it will continue to focus on its mission of promoting B2B networking and promote international growth of its corporate customers. Lynkos’ platform uses proprietary algorithms to match businesses with other potential business clients and partners. IC Ventures, Logitech Investments and several angel investors all participated in the funding round, reports said.

Consulting

MarketsandMarkets

In the largest funding round of the week, consulting and research firm MarketsandMarkets announced $56 million from FTV Capital, with participation from Zodius Capital. The company provides services to companies operating in niche markets. As the firm’s first institutional capital, MarketsandMarkets said it will use the funds to expand globally, with a focus on U.S. and Europe.

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