Payroll, Accounting Lead B2B FinTech Funding


B2B FinTech finance is preparing to keep venture capital funding going. Most recently, Stage 2 Capital announced the launch of a $ 80 million Fund II that will focus on B2B software startups. Meanwhile, the B2B space has welcomed a new unicorn and seen several big rounds of investments in accounting, payroll and more over the past week.


Washington-based accounting technology startup Lockstep did not reveal how much it has secured from Amex Ventures, but did note that funding has closed its Series A + round that has brought the startup a total of $ 17 million. Raised dollars. The company integrates with Enterprise Resource Planning (ERP) and other accounting solutions to automate various workflows to optimize B2B payment flows in Accounts Receivable (AR) and Accounts Payable (AP) and to support working capital and cash flow management. Lockstep did not disclose what it plans to do with the latest funding.


Dubai-based Splyr announced a $ 500,000 round of funding for its B2B eMarketplace solution. The Quality & Saving Center provided the investment, the reports say.


Nigeria-based Omnibiz raised $ 3 million for its B2B supply chain management technology targeting the Fast Moving Consumer Goods (FMCG) industry. Its B2B eCommerce solution attracted seed funding from V&R Africa, Timon Capital and Tangerine Insurance, while Lofty Inc., Musha Ventures, Sunu Capital, Launch Africa and Rising Tide Africa all participated. The company said it will use the funding to expand geographically across Nigeria and West Africa and introduce new product categories, including over-the-counter medicines and alcoholic beverages.


Based in the UK, Comma has entered the B2B payments market and focuses on bulk payments. Investors in Octopus Ventures and Connect Ventures have invested approximately $ 6 million in the company for its latest round of funding, which also included Village Global and others. TechCrunch reported that the startup, which targets micro and small businesses with technology that uses their existing commercial bank accounts to make bulk payments easier, can streamline payments to pay bills, payrolls, and taxes, while at the same time being in accounting platforms already in the back office can be integrated. The company did not provide any information about the use of the funds.


Hong Kong-based Currenxie offers cross-border business payments and business accounts. The company this week announced a $ 10 million Series A funding round led by the BF Belmont Family Office. With a mix of digital wallets, bank accounts, payments, and foreign exchange services, Currenxie is aimed at companies with global operations that need financial management tools. The company said it plans to use the funding to support its global expansion pursuit of an eMoney license in Ireland – the company has already secured a money services operating license in Hong Kong.

Auto IQ

The $ 15 million Series B funding for Car IQ in California was the result of an oversubscribed round. Forté Ventures led its most recent investment. Ally Ventures, BlackBerry Limited, State Farm Ventures and TELUS Ventures as well as the existing supporters Alpana Ventures, Avanta Ventures, Citi Ventures, Quest Venture Partners and Scrum Ventures also took part. Car IQ operates a contactless payment solution integrated in cars and trucks that can be used for a variety of use cases such as refueling and parking. While the solution can be used for consumers, Car IQ is also targeting fleet owners to streamline payments for commercial fleets.


Knowde secured one of the week’s largest B2B FinTech financing rounds for $ 72 million, perhaps proof of investor interest in industry-specific solutions. Knowde operates a B2B eMarketplace for the chemicals and ingredients industry that consolidates product catalogs and descriptions to streamline procurement. Series B funding was led by Coatue. Outgoing investors Sequoia Capital, Refactor Capital, Bee Partners and Cantos Ventures returned, while new funders also took part, according to a press release. Knowde said it will use the funds to invest in product development and introduce new features for buyers and sellers on its platform. There are also plans to expand geographically across borders.


The B2B FinTech community welcomed their newest unicorn this week thanks to a $ 130 million financing round in the FreshBooks cloud accounting platform. The company, now valued at more than $ 1 billion, received Series E funding from Accomplice, including JP Morgan, Gaingels, BMO and Manulife, while Barclays signed as a new investor. FreshBooks said it will use the investment to fuel sales, research and development, marketing and strategic acquisitions.


It’s unclear exactly when the round closed, but a $ 175 million investment in Gusto payroll technology platform raised the company’s valuation to $ 9.5 billion. T. Rowe Price led the investment, while Fidelity, Franklin Templeton, Generation and General Catalyst also participated. The financing follows the company’s recent acquisitions and is likely to lead to further acquisitions. Gusto is currently preparing for an IPO next year.



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