B2B Payments

B2B Startups Welcome Another Unicorn With TripActions Funding

It was another busy week for B2B FinTech startups, with globally and vertically diverse companies securing new funding for their enterprise-targeting tools. The big news of the week comes from TripActions, a corporate travel solutions provider that secured unicorn status with its latest fundraise (the largest in this week’s breakdown). Other notable rounds included a $60 million investment in a logistics software firm, as well as several investments in the alternative small business (SMB) finance space. PYMNTS takes a look at the latest in B2B FinTech funding below.

Fraugster

Based in Germany, Fraugster raised more than $13.9 million for its anti-fraud solutions designed for retailers. With artificial intelligence (AI), Fraugster has developed a software solution that prevents fraud for online retailers, analyzing data from multiple sources and cross-checking information to determine whether a transaction is fraudulent or not. Investors in this Series B funding round include CommerzVentures, Earlybird, Speedinvest, Seedcamp, Rancilio Cube, and Munich Re/HSB Ventures, according to EU-Startups reports. Fraugster plans to use the investment to focus on geographic expansion, with its sights set on the U.S., Asia and broader European markets.

quantilope

In another win for Germany, enterprise Software-as-a-Service (SaaS) startup quantilope announced $8 million raised in Series A funding this week. The company plans to open its first international office following the investment, which was led by Dawn Capital, said reports in CBR Online. The company also plans to further develop its software and boost adoption of its solution that allows professionals to make data-driven decisions. Its tool, Agile Insights, can be used for a range of use cases, the firm explained, including demand-planning for eCommerce companies or marketing strategies for consumer product firms. In addition, using artificial intelligence, quantilope provides real-time analytics for customers in marketing, product management, HR, business development and other areas of the enterprise.

Scoro

Working in the business management market is Scoro, an Estonia-based startup that just announced $5.2 million in Series A funding. Livonia Partners led the round, while Inventure Partners and Tera Ventures also participated, a press release said. Scoro said it plans to use the funding to expand its operations in the U.S. and U.K., and to enhance its platform that deploys machine learning and deep integrations to streamline workflows for enterprise users. The company focuses on the professional and creative service spaces, and its platform allows streamlined operations across a range of processes, from sales to billing. Features include project management, reporting, quoting, billing and calendaring.

Samanage

With its base in North Carolina, Samanage offers businesses an employee services management solution based in the cloud, automating certain tasks and streamlining others so businesses can make their workforces more efficient. The company’s solution can be applied in a range of business processes, including finance, HR and IT. This week, the firm announced $30 million in funding from private investment platform Morgan Stanley Expansion Capital, according to a press release. Samanage said it will use the investment to focus on growth and global expansion, particularly in the IT service management industry.

SESAMi/Capital Match

Both based in Singapore, SESAMi, the nation’s largest eProcurement platform, and Capital Match, an invoice financing solution, agreed to merge. Investors at Dymon Asia Ventures and OSK Ventures International have both invested in the combined entity, though reports in DealStreetAsia did not reveal how much the firms secured. Together, the merged entity will roll out a streamlined supply chain financing solution, with plans to initially offer the tool in Singapore and, later, throughout Southeast Asia.

Sempli

Another alternative lending firm, Sempli, based in Colombia, announced new funding this week from the Inter-American Development Bank’s BID LAB investment unit, as well as Oikocredit. Sempli’s $5.7 million funding will be used to expand its platform, which links small businesses to loan solutions. The investment comes as the firm gears up for “formal” Series A funding, according to reports in Finance Colombia. In the meantime, Sempli is focusing on gaining greater traction in the market, using data-based credit scoring to provide working capital to small business borrowers more quickly than traditional financing.

Zeguro

Small business cybersecurity firm Zeguro landed an investment from QBE Insurance Group, which is collaborating with the company to develop tailor-made cyber insurance solutions for SMBs. Zeguro said it raised $5 million in Seed funding from QBE’s investment unit, QBE Ventures, as well as Mosaik Partners, Healthy Ventures, Munich Re/HSB Ventures, Social Capital, Plug and Play, and Sparkland Capital, Intelligent Insurer reported. In an interview with PYMNTS earlier this week, Zeguro Co-founder, President and COO Dan Smith said cyber risks are increasing for SMBs, particularly as attackers are deploying enhanced tactics like spear phishing.

Turvo

One of the largest investment rounds of the week came from Turvo, a logistics software startup that secured $60 million from Abu Dhabi state fund Mubadala Investment Co., reports in The Wall Street Journal said this week. Mubadala Ventures is based in San Francisco and led the investment, alongside G2VP and Next47, for Turvo’s Series B investment round. The firm, with headquarters in the U.S. and India, provides businesses with cloud-based software to manage their supply logistics and enhance the connectivity of various portions of supply chains, including freight booking and payments, tracking, and communications. Businesses can access Turvo solutions on desktop computers or mobile devices, receiving updates in real time via Internet of Things (IoT)-connected vehicles that are participating in the supply chain, reports said. Mubadala said it believes Turvo’s solutions could be instrumental in enhancing its own supply chain logistics across the mining, energy, semiconductor and other markets.

TripActions

Corporate travel management startup TripActions became a unicorn with a $154 million Series C funding round this week, according to Forbes. Described as a corporate travel version of Kayak, TripActions allows employees to book their business trips, including flights and accommodation, while being rewarded for staying within the confines of their businesses’ travel and spend policies. The startup has contracts with travel suppliers to offer discounted rates for business buyers. The funding will be used to enhance technology investments and customer service, TripActions said.

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