B2B Payments

Funding Lands T&E Firm TripActions $4B Valuation

Corporate travel and expense (T&E) management solutions provider TripActions led this week’s B2B venture capital roundup with its announcement of new funding that propelled its valuation to $4 billion. It wasn’t the only corporate T&E firm that secured new funding, though, nor was it the only B2B FinTech that raised venture capital. PYMNTS looks at other industry players around the globe that caught investors’ attention below.


The Hong Kong-based Serai platform aims to connect buyers and suppliers across the globe to facilitate global trade, and saw a big-name backer this week as HSBC announced an investment in the company. Reports in KFGO did not disclose the nature or value of the investment, though noted it is part of HSBC’s broader effort to invest in FinTech. Serai likens itself to a professional social networking solution, and the backing by HSBC will allow Serai to leverage HSBC’s existing client base.


Another undisclosed investment comes from Fortino Capital, which announced funding for Dutch corporate travel and expense management company Declaree. The company aims to eliminate paper from the T&E process, and described Fortino Capital as a “strategic partner” that will help accelerate its growth and promote international expansion.


The $1 million in Seed funding for India-based Recko will help the firm grow its payments reconciliation solution for companies in the banking, lending, insurance, eCommerce and telecom industries. Reports in Inc42 said the company automates settlement and reconciliation to help firms manage transactional data, and monitor the entire lifecycle of a transaction. Prime Venture Partners provided the investment, reports said.


Taking a localized approach to small business (SMB) finance, MainVest announced a $3 million Seed round this week, led by Rucker Park Capital and Lerer Hippeau, while Uber Alumni Syndicate also participated. MainVest did not reveal details about what it plans to do with the investment, though noted it continues to gain traction in the SMB investment market by allowing non-accredited investors to participate in crowdfunding for small businesses in their own communities.

Car IQ

The $5 million Series A investment for San Francisco-based Car IQ will be used to help the company accelerate development of its payment gateway that enables vehicles to autonomously connect with bank payment networks. Car IQ’s technology aims to automate and accelerate fleet payments for scenarios like vehicle maintenance and other services, without the need for human intervention or credit cards — a tool that the company said will combat fraud. Investors at Quest Venture Partners led the investment, while Avanta Ventures, Citi Ventures, Alpana Ventures, Plug and Play and AVG’s Spike Ventures also participated.


France’s Fairjungle announced more than $2 million in fresh funding for its corporate travel solution, led by a range of entrepreneurs, including Thibaud Elzière, Eduardo Ronzano and Bertrand Mabille, while Whitestones Ventures also backed the company. According to a press release, Fairjungle plans to use the investment to propel growth across Europe as it accelerates corporate travel booking, and promotes cost savings for business users.


Small business lending startup Lulalend is driving alternative finance growth in South Africa, and just announced $6.5 million in funding for its technology, reports said this week. The Series A round was led by IFC and Quona Capital, and will be used to build out its technology and data teams to expand to more small business borrowers in the country. Lulalend lends directly to SMBs that can apply online, with an automated approval process accelerating access to capital.


The $10 million in new funding for cybersecurity startup Bleckwen, led by Ring Capital, will go toward global expansion and continued development of its fraud detection software. FinTech Futures reports this week said the company, based in Paris, also saw funding from TempoCap, Bpifrance and Ineo in the latest round. Bleckwen deploys behavioral analytics, artificial intelligence, machine learning and heuristics to detect any suspicious transactions, like an unauthorized push payment, to help organizations combat fraud and cyber theft.


Operating a platform to connect B2B buyers and sellers, Orderful has announced $10 million in Series A funding, led by Andreessen Horowitz’s new growth fund. The Software-as-a-Service solution facilitates EDI connection between buyer and supplier, allowing faster trade transactions. With the new funding, Orderful said it plans to develop new features in its platform — and is already fulfilling its goal, having announced a new API connectivity solution the same day as the funding announcement.


Though it positions itself as a P2P lender, Indonesia’s KoinWorks targets SMBs with its financing platform. The company recently announced about $12 million in new funding, led by EV Growth and Quona Capital, while existing backers also participated. The company deploys machine learning to connect small business borrowers with investors, and offers products such as small business loans and invoice financing. KoinWorks said it will use the investment to expand its team, drive new partnerships and invest in its underlying technology.


New York-based Ocrolus provides lenders and other financial service providers with technology to analyze and accelerate their financial decisions. This week, the company revealed a $24 million investment from Oak HC/FT. The firm said it will deploy the Series B investment to develop automated underwriting workflows for its lender and bank users, while it also plans to expand into new markets with its automated financial data analytics solution.


Banking technology startup Open, based in India, enables entrepreneurs and small businesses to automate financial processes like bookkeeping, payroll and accounting. The company announced $30 million in Series B funding this week, led by Tiger Global Management, while Tanglin Venture Partners, AngelList Syndicate, Speedinvest and 3one4 Capital also participated. The firm is planning to introduce a small business credit card into the market, and add new products and services as it continues to collaborate with bank partners.


One of the largest investment rounds this week goes to MX, a financial data analytics company that helps financial businesses cleanse and analyze their data. The company raised $100 million from Battery Ventures, while Point72 Ventures, Sorenson Capital, Pelion Venture Partners and others also participated. MX, based in Utah, said it plans to deploy the investment to continue building out its data solutions.


Just months after announcing $154 million in funding that propelled it to unicorn status, corporate travel solutions provider TripActions has quadrupled its valuation to $4 billion. The company announced $250 million in new funding, led by Andreessen Horowitz (which also led Orderful’s investment round), while Zeev Ventures, Lightspeed Venture Partners and Group 11 also participated, Forbes said this week. According to TripActions CEO and Co-founder Ariel Cohen, the company pursued new funding to accelerate growth. The firm manages corporate travel budgets and incentivizes employees to book compliant and more affordable travel by rewarding them for saving their companies money.


New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.