Today in B2B: Freight Brokerages Enter the Digital Age; Jeeves’ Valuation Hits $2.1B After Latest Fundraising Effort

Today in B2B payments, FinTechs are bringing freight brokerages into the digital age, while Jeeves’ valuation is up to $2.1 billion after a $180 million Series C funding round. Plus, Rupifi snags $8 million in its latest fundraising round, and Xometry reports 54% growth of its online B2B marketplace.

FinTechs Haul Freight Brokerages Into the Digital Age

Supply chain snarls and a shortage of qualified drivers have driven the freight industry toward a digital overhaul, but not all areas of the logistics and freight industry have embraced modernization, in particular financing, Bharath Krishnamoorthy, CEO and co-founder at Axle, told PYMNTS CEO Karen Webster. Credit and payments for shippers have been mired for decades in paper-based processes, done by pen, with clipboards and even by fax, meaning it can take weeks or months to get paid. For the brokers, the negative ripple effect is that cash flow management is no easy process, and visibility is lacking. Online platforms can greatly improve invoice factoring.

FinTech Jeeves Raises $180M Series C at $2.1B Valuation

FinTech infrastructure platform Jeeves has raised $180 million in a Series C funding round led by China’s Tencent that puts the startup’s valuation at an estimated $2.1 billion. Jeeves launched in March 2021 and snagged $31 million in equity financing and $100 million in debt in June. The company raised $57 million in a Series B round at a $500 million valuation in September.

Indian B2B Payments Firm Rupifi Lands $8M

B2B payments platform Rupifi has raised $8 million in venture debt, an extension of the $25 million Series A the company closed in January. Rupifi does business with more than two dozen B2B marketplaces, including Walmart, Flipkart and Jumbotail. The company aims to help the merchant partners of those larger companies — many of whom are small- to medium-sized businesses (SMBs) with working capital.

Manufacturing Marketplace Xometry Reports 54% Revenue Growth

Online B2B marketplace Xometry saw its revenue increase more than 54% last year after making its debut as a public company, with $218.3 million, compared to $141.4 million in 2020. More than 40,000 buyers purchase services from a global network of manufacturers and machine shops under the Xometry umbrella, with buyers including car maker BMW and vaccine maker Moderna. Xometry’s active seller population grew 43% from the 1,410 it listed in the fourth quarter of 2020 to 2,010, while its number of high-spending buyers also expanded.