Today in B2B payments, Sylndr raises $12.6 million in its latest funding effort, while Amaryllis gets $10 million to accelerate its development. Plus, EVO Payments acquires North 49 Business Solutions for enhanced B2B integrated payment solutions, PayEngine will use its $10 million Series A fundraising round for growth and expansion, Tranch prepares for its U.S. debut and most businesses say automated accounts payables fuel growth.
EVO Payments Adds North49 for B2B Integrated Payments
Global payments provider EVO Payments has acquired Sage development partner North49 Business Solutions to provide Sage customers with enhanced B2B integrated payment solutions, according to a company press release Monday (May 23).
The acquisition grew EVO’s portfolio of enterprise resource planning (ERP) integrations to include Sage accounting software, which the company said will allow it to sign new partners and merchants within the Sage ecosystem. Terms of EVO’s acquisition of North49 were not disclosed.
Regulatory Compliance Solutions Speed Adoption of Digital B2B Payments
PYMNTS research has found that regulatory burdens are a major challenge preventing migration to digital B2B payment solutions for about half of U.S. and Canadian merchants, as reported in the “Payments Orchestration Playbook,” a PYMNTS and Spreedly collaboration.
With about two-thirds of B2B companies now offering fully digital eCommerce capabilities and their online customers doing more shopping outside their native countries, businesses looking to support easy, convenient cross-border payments will need to maintain regulatory compliance in multiple markets.
Finding technologies or industry partners that can help merchants easily manage their relationships with disparate payment service providers is key to remaining competitive. Solutions such as payments orchestration could play a key role in supporting this by enabling companies to connect to their different payment partners more easily and allowing them to manage the payment process on one platform.
PayEngine Snags $10M for Growth and Expansion
B2B payments platform PayEngine said it has secured $10 million in Series A funding that it plans to use to grow its team, expand access to clients, develop more financial products and improve its international support offerings, according to a Monday (May 23) company announcement.
PayEngine’s platform helps Software-as-a-Service (SaaS) companies in verticals including home services, automotive, construction, healthcare and transportation improve their payments monetization strategies.
Global venture capital firm Point72 Ventures led PayEngine’s fundraising effort, with participation from capital equity firms Mucker Capital, BAM Ventures and K5 Global.
B2B Payments Infrastructure Firm TransferMate Valued at $1B
Dublin-based B2B payments infrastructure firm TransferMate has raised $70 million in new funding, valuing the company at $1 billion.
According to a company news release Monday (May 23), the funding will help TransferMate expand its team and invest in its product suite, which includes its global licensing infrastructure and banking network.
The company’s service lets businesses and individuals make cross-border payments to more than 201 countries and in 141 currencies, with complete transparency and with the ease of transferring funds domestically.
The Data Point: 98% of Businesses Say Automated AP Speeds Payables, Fuels Growth
For the PYMNTS study “High-Volume Accounts Payable: Achieving Long-Term Growth Through Automation,” executives from four industries — transportation, logistics and shipping; online marketplaces; the gig economy; and virtual events — were surveyed to see why AP automation assists with growth, and how companies of different sizes in various verticals are using it, or plan to.
In just the past year, mass-payout companies have seen demand spiking in the sectors we studied, as digital transformation catalyzes more commerce even under an inflationary shadow.
We found that 95% of surveyed firms saw their average monthly payables increase, while 97% of firms say plans to increase sales and earnings would be impeded if they were unable to handle higher AP volumes.
Used Car Marketplace Sylndr Raises $12.6M
Egyptian online used car marketplace Sylndr is looking to expand after raising $12.6 million in a pre-seed funding round. The Cairo-based company plans to use the funds to double the size of its team, while building on its technological infrastructure, brand awareness and operational capabilities.
Sylndr is an eCommerce marketplace that lets consumers buy and sell their cars and find financing.
UK BNPL Firm Tranch Preps for US Launch With $4.2M
Tranch, a U.K. buy now, pay later (BNPL) platform for Software-as-Service (SaaS) sellers and professional services providers, said it has raised $4.25 million in pre-seed equity and debt funding. The firm — which just came out of stealth — will use the funding to expand its team and bring more suppliers on board as it prepares to expand into the U.S. later in the year.
Flash Ventures led Tranch’s funding round, with backing by Y Combinator and Columbia Lake Partners.
Founded in 2021, Tranch said it helps solve a $20 billion-a-year problem: wastage among companies that pay premium monthly fees for annual SaaS contracts that they could pay for in full if not for cash flow constraints.
B2B Facilitation Platform Amaryllis Payment Solutions Snags $10M to Speed Development
Amaryllis Payment Solutions on Monday (May 23) wrapped up a Series B fundraising round worth $10 million that it will use to accelerate product development and bulk up its marketing and sales, according to a company press release.
Amaryllis provides a payment facilitation platform for financial institutions, software and SaaS companies to help them better monetize the payments through their service and boost their revenues and business valuations.
NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022
About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.