Today in B2B payments, Zopper raises $75 million to expand its InsurTech services internationally, while Sievo raises $44 million to accelerate the growth of its procurement analytics platform in the United States and global markets. Plus, MaterialsXchange and Mickey aim to speed the digitalization of the lumber industry.
Solvy Tech Solutions, the parent company of Indian B2B InsurTech firm Zopper, has raised $75 million, which will be used to help Zopper expand internationally, develop its technology and make acquisitions. Zopper Co-Founder and CEO Surjendu Kuila said: “The reason behind raising capital now was that we wanted to grow significantly and [realized] that there was a large land-grab opportunity for us in the space we operate in.”
Procurement analytics platform Sievo has raised $44 million in growth investment and will use it to accelerate the growth of the platform in U.S. and global markets. Sievo provides spend management software and other services to help businesses create a procurement information hub, analyze data sets, and manage supply chain, economic and environmental events.
Avid proponents of platform efficiencies are trying to take legacy processes out of the massive lumber industry. MaterialsXchange CEO Mike Wisnefski told PYMNTS’ Karen Webster that the online construction materials marketplace’s new agreement with commodities FinTech company Mickey aims to speed the digitalization of the lumber vertical.
Online bill payment services solution InvoiceCloud and insurance software supplier Intellagents have a new relationship in which they will provide “a premier billing and payments experience” to insurance carriers and their policyholders. InvoiceCloud Vice President of Insurance Julie Schieni said: “Partnering with Intellagents enables InvoiceCloud to help more insurance carriers, agents and their policyholders reap the benefits that come with digital transformation.”
Rippling has launched spend management products that integrate with its existing payroll solution, enabling finance leaders and controllers to view and manage spend across their company on a single platform. The new Rippling Spend Management products include corporate cards and an expense management system and will soon add bill pay software.
Federal Reserve Financial Services has launched a business and analytics tool meant to help financial institutions (FIs) optimize their business strategies and day-to-day automated clearing house (ACH) operations. A Federal Reserve Financial Services spokesman said: “The FedPayments Insights Service provides a comprehensive, easy-to-access view of an institution’s daily and historical FedACH activity, including government and commercial transactions.”
A backlog of orders for high-demand products may sound like a great problem to have, but it also creates challenges for companies and their chief financial officers (CFOs). Grass Valley CFO Sai Gopal told PYMNTS in an interview that such companies must track down any components that may be hard to get and must determine which customers to prioritize when distributing the finished products.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.