Today in B2B Payments: Basis Vectors Add CommerceV3 to Increase Digital Commerce; Vendavo Adds Market Medium for Rebate and Channel Management

Today in B2B payments, corporate clients want more digital solutions from their banks while Grasim is building a B2B eCommerce platform. Plus, B Capital closes early-stage Ascent II fund after $250 million in fundraising.

The Top 3 Digital Solutions Corporate Clients Demand From Banks

The last two years have changed the way businesses and their vendors interact and pay. And though financial institutions have worked to meet consumers’ needs, many are lagging when it comes to providing the same seamless, digital experiences for corporate clients, according to the “B2B Digital Payments Tracker,” a PYMNTS and American Express collaboration.

Whether it’s running into roadblocks during client onboarding or coming up against the challenges of incorporating payments and invoicing capabilities into the legacy enterprise resources planning (ERP) systems, banks are struggling to adopt the new technologies needed to keep up with the digital transformations of many of the world’s businesses.

Basis Vectors Adds Digital Commerce Cloud Platform CommerceV3 to Portfolio

B2B Software-as-a-Service (SaaS)-focused private equity and technology firm Basis Vectors has acquired digital commerce cloud platform Commerce V3, according to a Wednesday (July 20) press release. Terms of the transaction were not disclosed.

Blake Ellis and Nathan Focht, who co-founded Commerce V3 in 2002, will continue to run the day-to-day operations of the business, the release stated. The company is a subscription-based SaaS business that offers eCommerce software and marketing services for hundreds of middle-market customers in the food and gift markets. The company helps its clients increase their website traffic, boost their conversion rates and raise their revenue.

B Capital Closes $250M Early-Stage Ascent Fund II

Global multistage investment firm B Capital has announced a $250 million close for its Ascent Fund II, the first dedicated early-stage fund, which will help it work with more entrepreneurs, a press release said Tuesday (July 19).

The release noted that Ascent works on pre-seed through series A rounds, for the most part, working globally but concentrated on the U.S. and Asia.

Vendavo Acquires Rebate and Channel Management Platform Market Medium

B2B price management platform Vendavo on Tuesday (July 19) boosted its manufacturing and distribution capabilities with the acquisition of cloud rebate and channel management solution provider Market Medium.

The addition of Market Medium increases Vendavo’s channel incentive management capabilities on top of its existing price optimization and configure, price, quote (CPQ) solutions, according to a press release. Vendavo said this would help customers maximize their revenue and profitability through intelligent supplier programs, pricing, sales intelligence, sales quoting and agreements and channel revenue management.

Indian Manufacturer Grasim to Build B2B eCommerce Platform

Indian manufacturing company Grasim Industries says it will spend 2,000 crore ($25 million) over the next five years to build a B2B eCommerce platform for the building materials industry.

Kumar Mangalam Birla, chairman of Grasim parent Aditya Birla Group, said the move will also catalyze the growth of the micro, small and medium-size enterprise (MSME) universe in India and help with the government’s goal of a “Digital India.”

The company says it will primarily focus on MSMEs in the building material space, with the possibility of expanding to other categories. Grasim, founded in 1947 as a textile manufacturer, also works in the chemical, insulator and fiber spaces. However, the company notes that the building materials procurement segment in India has grown at a compound annual growth of around 14% over the last three years, valued at about $100 billion with a digital penetration of just 2%.