Investors continue to fuel the growth of the B2B technology startup community with another busy week in funding. In total, investors placed nearly $600 million for firms in the B2B payments, T&E, financial management and other B2B spaces. But it was an embedded finance FinTech that took home more than half of the funding announced. PYMNTS rounds up all the latest deals below.
Despite a slowdown in corporate travel, expense management and travel booking technology provider SalesTrip still managed to impress investors, which pumped $1.4 million into the company to fuel its expansion in the U.S. Reports said the U.K. company’s seed funding was led by Floreat Group. SalesTrip pointed to its integration partnership with Salesforce as a key driver of growth, and highlighted the growing need for businesses to gain greater control and visibility into expenses as the coronavirus crisis continues.
Malaysia’s microLEAP has secured $3.3 million in funding for its B2B technology that helps small businesses raise Shariah-compliant funding. Reports in e27 said MAA Group provided the investment, which microLEAP plans to use for marketing, new staff hires and technological enhancements. Its micro-financing portal targets SMBs that cannot access capital via traditional means.
B2B payments FinTech Qolo has announced a $3.8 million investment round, which it said it will use to expand its team and expand its product. The company revealed the funding in a recent blog post, though the firm did not discuss who provided the funding. In total, Qolo has now raised $6.8 million for its technology of integrated and embedded B2B payment processing.
The $10 million recently raised for Indonesia-based BukuKas will help the small business Software-as-a-Service company expand its product offering with an ultimate goal of launching a small business digital bank. The company offers automated accounting solutions, accounts receivable solutions like payment reminders and invoice generation, expense management and other tools for small and medium-sized businesses (SMBs) to manage finances. Sequoia Capital India led the Series A investment, TechCrunch reported.
Food and grocery B2B eCommerce technology firm Jumbotail, based in India, has secured $14.2 million only months after its previous funding round, according to Indian Retailer reports. The latest investment, led by VII Ventures, has brought to a close its Series B round, which now totals $44 million. Additional investors in the latest investment deal include a variety of backers, including Nutresa, Veronorte, Jumbofund and Klinkert Investment Trust. The company plans to use the funding to expand into new geographic markets and devlop a new suit of services for its business end users.
Based in Germany, Xentral offers small and medium-sized businesses software to help streamline back-office operations including logistics, sales management and accounting. The company recently secured $20 million in Series A funding led by Sequoia Capital, while Visionaires Club also participated, TechCrunch reported. In a statement, Sequoia partner Luciana Lixandru pointed to the opportunity for Xentral to become the leaner version of the ERP for SMBs looking to operate online.
U.S.-based Modern Treasury has announced a $38 million investment round led by Altimeter Capital, while existing investors Benchmark and Y Combinator also participated. The Series B investment will help the treasury management and B2B payments technology provider expand its product suite and strengthen its presence in a range of verticals, including the healthcare, real estate, financial services and marketplaces arena, the company said in a press release.
Germany’s Jedox has designed a technology to help corporates enhance financial planning and analytics through its data solutions that can capture unstructured data in a variety of documents and formats. The company recently announced an investment round that totals more than $100 million, though reports said the company did not reveal the exact value of the investment. Insight Partners led the funding, while Iris Capital, eCAPITAL and Wecken & Cie also participated. As the company evolves, Jedox is reportedly considering potential M&A deals as well as a possible IPO.
Introducing a new model of Workforce-as-a-Service, Jobandtalent has raised $108 million for its platform that connects employers to temp workers in a variety of markets, including logistics and transportation. The company, based in Spain, announced the Series C funding will go toward expanding into new markets and strengthening its presence in markets in which it already operates. The company is considering expansion across Europe, the U.S. and Latin America, TechCrunch reports said, with a focus on B2B high-growth technology employers.
This week’s investment leader is Rapyd, a FinTech based in the U.K. and U.S. that’s fueling the rise in integrated financial services. The company operates a platform to facilitate embedded FinTech into third-party applications via API connectivity, allowing those businesses to send and accept payments within their own solutions. Investors recently placed $300 million in Series D funding in the company, which Rapyd said it will use to expand its product and engineering teams, and to broaden self-service capabilities with a focus on B2C and B2B eCommerce payments, financial services firms, and marketplace operators. Investors at Coatue led the investment, while additional backers included Spark Capital, Avid Ventures, FJ Labs and Latitude, as well as a range of existing investors.