Today in B2B: India’s PayMate Looks to Boost Reserves; Square Offers Monthly Invoicing Subscriptions

Today in B2B payments, Flipkart and Davinta partner on BNPL opportunities and China’s XTransfer rakes in $138 million for product enhancements. Plus, Square debuts subscription-based invoicing plans to automate the billing process, SupplyMe opens an eCommerce site in United Arab Emirates and PayMate looks to raise $4 million for its reserves.

B2B Food Marketplace SupplyMe Opens eCommerce Site in UAE

Online B2B marketplace SupplyMe, which connects local food suppliers with food service businesses, is coming to the United Arab Emirates, according to a Tradearabia.com report.

SupplyMe works with hotels, restaurants, cafes, supermarkets and more, the report says, and focuses on helping companies in the food and beverage industry transform digitally using a secured platform that uses less paperwork.

China’s X-Border, Risk Service Provider XTransfer Nets $138M for Product Upgrades

Chinese cross-border financial and risk management service provider XTransfer has come away from a Series D funding round with $138 million, according to a press release.

Shanghai-based XTransfer works in B2B cross-border financial services, the release stated. The company has offices in Hong Kong, the U.K., U.S., Canada, Japan, Australia and Singapore.

Procure-to-Pay Startup PayMate Eyes Funding to Shore Up Reserves

Indian procure-to-pay startup PayMate wants raise $4 million, including $2 million from U.S.-based Felicitas Equity Fund and funds from Astor Management and CXI Valley I. In 2019, Visa, Recruit Strategic Partners, Brand Capital and Mayfair 101 invested in PayMate.

Last month, PayMate partnered with financial institution (FI) giants Visa and Citi to automate payables based in the United Arab Emirates. The company hopes to expand its B2B payments platform, used by more than 105,000 Indian businesses, into central and eastern Europe, the Middle East and Africa.

Flipkart Wholesale, Davinta Team to Offer BNPL Capabilities to Retail Clients

Flipkart Wholesale is joining forces with Davinta Financial Services on buy now, pay later (BNPL) option terms to Flipkart’s small and medium-sized business (SMB) customers, Business Standard reported.

The arrangement will let digital B2B marketplace Flipkart Wholesale offer extended payment terms to customers who might be ineligible for traditional credit cards, according to the report.

Square Seeks Bigger Businesses With Advanced Invoicing Subscription

Software, hardware and payments platform Square now offers monthly subscription plans for its invoicing service, including advanced features not included in its free product.

Square’s $20 per month “Invoices Plus” plan comes just six weeks after it shook up the buy now, pay later (BNPL) market with its acquisition of Afterpay for $29 billion. Square said Invoices Plus offers businesses an integrated solution that personalizes and automates invoicing.