Investors Back Different Points Of The Procure-To-Pay Ecosystem

It was a week of (mostly) Series A funding rounds for B2B FinTech firms, as startups secured new funding to tackle various parts of the broader business-to-business (B2B) payment process. Some funds backed the corporate commerce and procurement arena, while others went to the friction point of actually paying for what was purchased. Other investors, meanwhile, decided to place their investments with technology that provides analysis of the purchasing and spending behavior, or tools that help companies finance their spend. In all, nearly $142 million was placed with B2B startups, and PYMNTS breaks down all of the latest rounds below.


A $1.1 million fundraise for Finland’s Enterpay will help the accounts payable solution provider strengthen its position in the European B2B eCommerce market. Enterpay, which announced the funding via press release, enables B2B eCommerce platforms to integrate its invoice payments and automation solution, allowing merchants to offer Enterpay as a payment method for their business customers. German bank Volksbanken Raiffeisenbanken participated in the investment, with Enterpay also noting a strategic partnership with the bank, which will now connect its business customers to Enterpay’s offering.


U.S.-based Mable has secured $3.1 million for its technology that connects companies in the grocery, convenience, health food and artisanal market industry with a B2B eCommerce platform. Mable operates a portal for retailers to procure goods from a range of suppliers and wholesalers — to support product discovering, ordering, inventory management and financing options. Its Seed funding was led by Venrock, Accomplice and Founder Collective, while a range of angel investors also participated, according to a press release.

Purchasing Platform

Designed for the manufactured house industry, Purchasing Platform‘s technology combines spend management and eProcurement. The company announced this week that it raised $3.5 million for its offering, with the Series A funding led by Method Capital, while Participate Capital, Old Town Capital and a range of strategic investors also participated. Purchasing Platform aggregates the product and supply offerings of more than 50 vendors in the industry, negotiating on prices on behalf of corporate buyers. In addition to savings, the solution offers product standardization, spend analytics and a reduced need for buyers to visit physical stores to make purchases. The company said it plans to expand its product reach, and step into new verticals, including student housing, multi-family, senior living, self-storage and other commercial real estate markets.

Relative Insight

U.K.-based Relative Insight announced the completion of a $5 million fundraise from Maven Capital Partners, according to a press release. With the Series A investment, Relative Insight said it will open an office in the U.S. to expand its artificial intelligence-driven solution that analyzes unstructured language data to improve business outcomes for B2B and B2C companies.


In addition to a strategic partnership with the FinTech, Citi’s venture capital unit Citi Ventures led a $5.5 million Series A funding round for cash-flow forecasting solution Cashforce, the companies said this week. With INKEF Capital co-leading the round, and with existing backers Pamica, Volta Ventures and others participating, the funding will be used to expand into new geographic markets. Cashforce allows data aggregation across corporates’ existing back-office platforms for analytics and forecasting, which the firm’s Chairman Michel Akkermans and CEO Nicolas Christiaen said in a joint statement remains one of treasurers’ “most important challenges” today.


Slovakia’s Minit secured $7.79 million in Series A funding, reports in said this week, with investors at Salesforce Ventures, Earlybird’s Digital East Fund and OTB Ventures providing the backing. Minit connects corporates with business process mining technology to provide analysis and insights into a range of strategic business operations, including procure-to-pay and order-to-cash, with an end goal of identifying cost savings and revenue-generating opportunities. The company plans to deploy the funding to introduce new products and enhance existing ones, with new features like predictive analytics, as well as to expand geographically, with plans to enter the U.S. market.


Though operating in the lending technology space, Germany’s CrossLend is not an alternative lender. Rather, the company’s technology enables existing lenders to enhance debt trading, and open up assets to a broader range of institutional investors, with a focus on supporting the European economy. Its solutions include a suite of lending and financing products, such as small business lending and invoice finance, in addition to consumer-focused tools. The company announced a nearly $39 million fundraise, with Santander InnoVentures leading the Series B funding round, according to reports. Other backers included Earlybird, ABN Amro Ventures and Lakestar, with CrossLend planning to deploy the funding to focus on growth.

Galileo Financial Technologies

API FinTech Galileo Financial Technologies secured $77 million in a Series A funding round, reports this week said, with Accel leading the way, and Qualtrics CEO Ryan Smith also participating. The company already names other FinTech firms as clients, including Robinhood, TransferWise and Revolut, using its API technology to verify and onboard new customers, as well as issue payment cards. Its tools allow FinTech firms to integrate all payment methods — including prepaid, mobile, credit and debit cards — into a single platform. With the new funding, Accel Partner John Locke said Galileo will be able to move to “the next level.” Galileo Founder and CEO Clay Wilkes noted that the investment will allow the company to “double down” on product development, profitability and client satisfaction, as well as expand geographically.