Today in B2B payments, embedded finance is seen as the next phase in business payments, Vori expands its grocery store inventory management platform with a $10 million fundraising round and multinational enterprises can leverage blockchain.
Why Embedded Finance Is the Next Phase in B2B Payments
Driven by changing customer preferences, a growing number of companies are adopting embedded finance solutions in both their business-to-business (B2B) and their consumer-facing payment verticals. In fact, embedded finance is already becoming the next phase in B2B payments, according to the “Embedded Finance Tracker,” a PYMNTS and Galileo Financial Technologies collaboration.
The report cites a survey that found that more than 80% of banks offer clients the ability to use their own enterprise resource planning (ERP) systems to access accounts and make payments to suppliers or vendors — or plan to offer it.
The next generation of this development could see banks using application programming interfaces (APIs) to embed more services into supply chain finance and other systems.
PayStand Acquires Yaydoo in One of Latam’s Biggest Tech Mergers
Blockchain-enabled B2B payments company PayStand has acquired Mexican FinTech Yaydoo, marking what the company called “one of the biggest technology unions” in Latin America.
PayStand said in a Wednesday (Aug. 3) press release that the scale of the combined company could put it on the path to an initial public offering (IPO) in the next two years.
Both PayStand and Yaydoo have created accounts receivable (AR) and accounts payable (AP) solutions for American and Latin American businesses, and have built B2B decentralized finance (DeFi) payment networks in both the United States and Mexico, the release stated.
Vori Raises $10M for Grocery Store Inventory Management
Digital B2B grocery supply chain-focused inventory management platform Vori has wrapped up a Series A funding round totaling $10 million that the company will use to improve talent acquisition, expand its U.S. operations and broaden its product offerings. The Factory led the Series A round, with participation from Greylock, E2JDJ, MKT1 and Vori flagship customer Mollie Stone’s Markets.
Vori will soon launch Vori Back Office to allow more independent grocery retailers nationwide to use its supply chain technology, according to a Wednesday (Aug. 3) press release. The company digitizes traditionally manual processes, undocumented knowledge and analog data, which allows grocers to reorder stock by scanning shelf tags.
Vori’s “solution increases productivity by decreasing the time it takes to replenish inventory by up to 80% while tackling the U.S. food waste problem that creates an annual loss of around $408 billion,” the release stated.
Bizongo Raises $25M to Help SE Asia Manufacturers Automate Supply Chains
Packaging materials platform Bizongo has raised $25 million to help Southeast Asia-based manufacturers automate their supply chains, access working capital and increase their clientele across the region, according to a Tech Funding News report Wednesday (Aug. 3).
Bizongo offers boxes, containers, pouches and bags for food and hospitality, consumer goods and retail businesses. Its warehouses are located in Mumbai, Bengaluru and Delhi and its customers include BigBasket, Nykaa, Swiggy, Delhivery, Teabox and Tata Cliq.
The company has more than 300 commercial customers and more than 3,000 partner factories through its two platforms, Procure Live and Partner Hub.
3 Ways Multinationals Leverage Crypto, Blockchain Successfully
When an eCommerce brand is onboarding a third-party supplier or manufacturer before launching a new product, smart contracts powered by blockchain technology and cryptocurrency can help them avert future supply chain disruption due to slow payments or authentication processes.
That’s just one way successful multinational firms are leveraging cryptocurrencies’ unique features as part of their growth strategies, according to “The Corporate Treasury Shift,” a PYMNTS and Circle collaboration based on a survey of 250 multinational financial institutions.
PYMNTS research shows that 58% of firms that operate in six or more markets use at least one cryptocurrency. For multinationals, cryptocurrency offers unique benefits for cross-border commerce. In the report, PYMNTS identifies three ways multinational firms are using cryptocurrency, including deploying blockchain technology and cryptocurrency to power smart contracts.
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