Today in B2B payments, Nuula snags $120 million in fundraising round and Banking-as-a-Service is now a $1 trillion industry. Plus, eBay and bidadoo partner on B2B eCommerce for trucks and equipment, “Time to yes” drops 90% with ScotPac and CFOs have important role in digital transformation.
Business Lender Uses Tech to Reduce ‘Time to Yes’ by 90%
A local transport business recently applied for debtor finance funding through ScotPac, Australia and New Zealand’s largest non-bank lender to small- to medium-sized businesses (SMBs), knowing the typical time for approval could take up to several weeks.
In this case, though, it only took 30 minutes as ScotPac was able to sync all the application data and provide a same-day formal approval, with funds for a $1 million limit facility available the next day.
The Role of Today’s CFO: Driving Change and Ensuring Resilience to Change
CFOs have a much bigger say in the direction of their digital transformations, according to Airbase Chief Financial Officer Aneal Vallurupalli. Whereas CFOs have traditionally had more of an administrative role, these days they’re much more involved in the strategic decision-making at the companies they serve.
Vallurupalli said the rush to digitize the enterprise has created a new role for CFOs, who must prioritize which processes need to be automated, especially at high-growth companies.
Banking As A Service Provides B2B Solutions For Businesses Of All Sizes
The global market for Banking as a Service (BaaS) has quickly become a $1 trillion industry, but new projections suggest this uptrend will continue — and accelerate — over the coming decade, with a near-quadrupling in demand that could boost uptake to $3.6 trillion by 2030.
More than 12,000 financial startups are vying for a slice of this growing BaaS pie, PYMNTS reports, including legacy lenders who stand to get a cut for their regulated oversight and contributions. U.S. lenders that offer BaaS already generated 200% to 300% greater returns on assets than other banks by offering these back-office services to their business customers.
eBay, bidadoo Team on B2B eCommerce for Trucks, Equipment
eBay has partnered with and invested in truck, equipment and capital asset remarketing and auction company bidadoo in a move to combine eBay’s global reach and platform with bidadoo’s specialty selections of agriculture, construction and transportation equipment, trucks, parts and attachments.
Bidadoo’s participation will allow for a wider breadth of equipment available from manufacturers, governments, rental companies, contractors and financial institutions, according to a news release.
Small Business FinTech Nuula Lands $120M in Funding
Toronto-based small-business focused FinTech Nuula recently raised $120 million in new funding, according to a company press release on Thursday (Sept. 9) that says the money is from $20 million in equity funding led by Edison Partners and a $100 million credit facility managed by Ares Management Corporation.
Nuula’s mobile app, launched in June, offers real-time monitoring of cash flow, personal and business activity, along with ratings and reviews on social media.
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