Today in B2B payments, Citi announces its news Treasury and Trade Solutions (TTS) head, while Rho lands new funding and adds accounts payable to its business banking technology. Plus, Medius collaborates on invoice management, TravelPerk acquires NexTravel, and Sweep lands funding for T&E tools.
Citi Taps Khaliq To Lead Treasury And Trade Solutions
Citi has named Shahmir Khaliq as its new head of Treasury and Trade Solutions (TTS), according to an internal memo from Paco Ybarra, global head of Citi’s Institutional Clients Group (ICG), which noted that the appointment is effective immediately. During his career at Citi, Khaliq has served in management positions in banking, markets and securities services, country management (CCO) and treasury services. Prior to his appointment as global head of TTS, Khaliq served as head of operations and technology for TTS. Before taking that role, Khaliq had served as global head of Direct Custody & Clearing inside of Markets and Securities Services since 2017.
Medius And Pagero Team On Digital Invoice Management
Expense management technology provider Medius and international eDocument service company Pagero have collaborated to help companies handle digital invoices. The new collaboration lets their joint customer base get and handle digital invoices in different formats throughout the world, according to a Wednesday (Jan. 13) announcement. Medius CEO Per Åkerberg said the company has seen a number of clients grappling with various offerings and companies to deal with local digital invoice formats and rules. The executive said the company is providing “a one-stop-shop for global e-invoicing, in a solution and interface that our customers know and enjoy using.”
Business T&E Management Firm TravelPerk Buys NexTravel
International travel management company TravelPerk has unveiled its acquisition of California-based NexTravel to help with its continuing growth roadmap in the American market. The deal will encompass the latter company’s infrastructure, client base, inventory, staffers and U.S. market knowledge, according to a Wednesday (Jan. 13) announcement. “The acquisition of NexTravel will accelerate our growth in the U.S., doubling the size of our team on the ground and adding significantly to our client base and in-market expertise,” TravelPerk CEO and Co-Founder Avi Meir said in the announcement, noting that the acquisition is “another important milestone in TravelPerk’s global growth.”
Rho Technologies Raises $15 Million For AP Integration
Rho Technologies, the FinTech behind Rho Business Banking, has raised $15 million in a Series A round, according to a press release. The round was led by M13 Ventures with participation from Torch Capital, Inspired Capital and Rogue Capital, alongside seasoned operators and angel investors Michael Vaughan, Stephen Sikes, Josh Stech and Eric Kinariwala. With the proceeds, the company plans to work on expanding its team-oriented commercial banking platform, including launching an integrated accounts payable (AP) platform on Wednesday (Jan. 13).
Sweep Raises $1.2 Million For Finance Management Tools
Sweep, which works in expense and travel management for small- to medium-sized businesses (SMBs), announced Wednesday (Jan. 13) that it hit its 2020 funding target, with around 1 million euros (about $1.2 million) in investments and grants this year, according to a report from EU-Startups. The company's most recent funding round in December raised 280,000 euros (about $341,000), the report stated. In another previous round, a grant from Innovate UK netted Sweep 512,000 euros (about $623,000). Sweep's new funding will go toward further developing existing tools and new features, which will help businesses manage their finances, according to the report.
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