B2B payments startup Boost Payment Solutions landed new backing from Mosaik Partners, the company said Tuesday (June 13).
With operations in the U.S., Canada, Europe, UAE and Caribbean, Boost operates Boost Intercept, its B2B payments gateway, to automate the virtual card payment experience for supplier acceptance. The company also provides payments reporting, allowing suppliers that accept commercial cards to integrate the data from those payments into ERP platforms.
The startup didn't say how much it raised from the venture capital funding, but Boost did say it will use the investment to bolster its growth strategy across an array of areas, including business development, sales, product development and support. The company is planning to launch in Australia, New Zealand, Brazil, Hong Kong, Singapore and Malaysia later this year.
“In a world where over half of B2B payments are still made by paper checks and the acceptance of commercial cards can be cumbersome and expensive, Boost has enjoyed meteoric growth, and our partnership with Mosaik will allow us to expand that growth even further and explore various strategic initiatives,” said the company's founder, Dean M. Leavitt. “We are extremely excited to be working with the Mosaik team.”
The issue of supplier acceptance of commercial cards has been a focus for many players in the B2B industry. Vendors are often reluctant to accept cards thanks to the high fees associated with it, though buyers like cards because of rewards and other incentives. Recent research by Mercator Advisory Group found that banks must play a more prominent role in promoting the use of cards in B2B payments, which can lead to stronger buyer-supplier relationships and faster invoice payment times.