Today in B2B payments, TripActions announces new funding that values the T&E startup at $5 billion, while OneSource Virtual launches invoice payment capabilities. Plus, iBanFirst launches B2B payment traceability tool, Georges rebrands with new funding, and HashCash partners with a bank on blockchain payments.
OneSource Virtual Rolls Out Invoice Pay For Vendor Payments
OneSource Virtual (OSV) has rolled out its Invoice Pay offering, which lets its Workday clients make payments and control vendor payment choices, as a supplement to its invoice imaging, coding and approval process tools, according to a Thursday (Jan. 21) announcement. Invoice Pay, which is fueled by J.P. Morgan’s Single-Use Accounts (SUA) virtual card payments offering, provides fraud protection and card rebates to OSV’s finance and accounting clients, per the announcement.
iBanFirst Debuts Payment Tracker For B2B Transactions Visibility
Global financial services provider iBanFirst has launched a Payment Tracker that will offer transparent, real-time tracking services, according to a press release emailed to PYMNTS. The feature will be available for both payers and payees, and it will offer live updates on the status of international payments at all stages of the fund transfer process, the release stated. In addition, the Payment Tracker will offer insights into potential delays of the payment.
Georges Lands $42.4 Million For SMB Accounting Software
European upstart Georges, which will be now known as Indy, is raising $42.4 million in new investment. Indy has been at work developing accounting software for small businesses and gig workers. Indy has reportedly been able to get 40,000 customers who pay a recurring charge on a monthly basis to harness the service, according to reports. To use Indy, users link the service to their bank accounts. After that time, Indy retrieves their transactions and attempts to label the greatest number of transactions that it can. Users can provide missing information along with invoices and receipts. At the conclusion of this process, users will know the amount of VAT they are meant to receive at the conclusion of the year.
HashCash Consultants To Aid Unnamed US Bank With Blockchain Platform
HashCash Consultants, which works in blockchain, is working with an unnamed U.S.-based bank to help them finance their corporate trade owing to a sophisticated blockchain platform for B2B payments, a press release says. The platform in question, according to the release, will also help with things like simplifying IT infrastructure and lowering operating costs. HashCash’s HC Corporate Payment will come with immediate reconciliation, real-time document sharing and automation via smart contacts, in order to enable quicker, more effective B2B payments. The solution also purports to help unite involved parties and digitize the end-to-end trade process on a single network, which will help cut down processing time.
TripActions Raises $155 Million To Boost Travel Spend Management
TripActions, a travel management company, has raised $155 million in a Series E funding round at an increased valuation of $5 billion, intending to help the travel world with a new travel and spend management program, the company announced in a Thursday (Jan. 21) blog post. The round was led by existing investor Andreessen Horowitz; Addition Ventures, founded by Lee Fixel; and investor Elad Gil. Participation came from existing investors Zeev Ventures, Lightspeed Venture Partners and Greenoaks Capital. The blog post notes TripActions has seen the adversity of the pandemic from 2020 and is prepared to re-enter business in a changed world.
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