B2B Payments

Newly Funded B2B Startups Tap The Power Of Data

This week’s B2B Venture Capital roundup is all about data. With a total of $388 million raised this week, newly funded startups are deploying an array of data analytics technologies to address B2B finance friction. That includes application program interface (API) technologies to connect third parties to banks, artificial intelligence (AI) to enable companies to recruit talent and data warehousing to boost business intelligence capabilities for large enterprise.

However, the biggest funding round of the week went to a company that is not yet in the B2B FinTech space, though it has plans to use the capital to launch a cross-border, small business (SMB) money-transfer service. Catch up on the latest investment rounds below.

TrueLayer

Working to wield the opportunity of Open Banking in the U.K., FinTech startup TrueLayer has developed software with third parties to integrate their own apps with banking platforms via APIs. The company announced $35 million in funding this week, led by China’s Tencent and Singapore’s Temasek, while Northzone Ventures and Anthemis Group also participated. The company will reportedly use the capital to expand across Europe, though reports noted the potential for growth in Asia and Latin America, considering Tencent’s current investment portfolio in the regions.

AllyO

Focused on connecting businesses to recruiting services, AllyO raised $45 million in Series B funding this week, with new investors Sapphire Ventures and Scale Venture Partners participating. Existing backers Gradient Ventures, Randstad Innovation Fund, Bain Capital Ventures and Cervin Ventures also participated. AllyO has developed an AI recruiting solution for companies, and said in an announcement that it will use the funding to focus on further expansion.

Biz2Credit

Alternative SMB lending platform Biz2Credit announced $52 million in venture capital funding this week, led by WestBridge Capital, the second round of equity financing for the company that helps banks and other financial institutions manage their SMB lending operations. Biz2Credit said it will focus on its marketplace lending product expansion with the capital, and promote the launch of Biz2X, its digital lending platform developed in conjunction with Software-as-a-Service (SaaS) financial firms.

Yellowbrick Data

Big Data startup Yellowbrick Data secured $81 million in Series C funding, a press release said this week, which the company will use to expand its presence in the enterprise data analytics ecosystem. The company noted that DFJ Growth led the round, while new backers IVP and BMW i Ventures also participated. Existing supporters Next47, Third Point Ventures, Menlo Ventures, Threshold Ventures and GV also contributed. Yellowbrick operates a data warehouse for large enterprises to obtain business intelligence for a range of applications, from cybersecurity to market research.

WorldRemit

Though established as a consumer payments solution, WorldRemit has B2B ambitions that will be fueled by the $175 million the company just raised. The Series D funding round was led by TCV, while Accel and Leapfrog Investments also participated. The company offers consumers smartphone and online payments to transfer money across borders. However, according to reports, in addition to focusing on global expansion and product diversification, WorldRemit plans to launch a money-transfer service for SMBs that need to move money across borders.

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