Today in B2B: regulatory constraints are slowing down electronic payments

Today in B2B payments, Sylndr raises $12.6 million in its latest fundraising effort, while Amaryllis secures $10 million to accelerate its development. Additionally, EVO Payments acquires North 49 Business Solutions for enhanced B2B integrated payment solutions, PayEngine to use its $10M Series A fundraising for growth and expansion, Tranch gears up for US debut and most companies say automated accounts payable 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 on Monday (May 23).

The acquisition expanded EVO’s portfolio of enterprise resource planning (ERP) integrations to include accounting software Sage, which the company says will allow it to sign new partners and merchants within the company. Wise ecosystem. Terms of EVO’s acquisition of North49 were not disclosed.

Regulatory Compliance Solutions Accelerate Adoption of B2B Digital Payments

PYMNTS research found that regulatory burdens are a major challenge preventing migration to digital B2B payment solutions for approximately half of US and Canadian merchants, as noted in the “Payments Orchestration Playbook”, a collaboration between PYMNTS and Spreedly .

With around two-thirds of B2B businesses now offering fully digital e-commerce capabilities and their online customers making more purchases outside of their home country, companies looking to support easy and convenient cross-border payments will need to maintain regulatory compliance in multiple markets.

Finding technology or industry partners that can help merchants easily manage their relationships with disparate payment service providers is key to staying competitive. Solutions such as payment orchestration could play a key role in this by making it easier for businesses to connect to their various payment partners and allowing them to manage the payment process on a single platform.

PayEngine lands $10 million for growth and expansion

B2B payments platform PayEngine said it secured $10 million in Series A funding that it plans to use to grow its team, expand customer access, develop more financial products and improve its service offerings. international support, according to a company announcement Monday, May 23. .

PayEngine’s platform helps software-as-a-service (SaaS) companies in verticals such as home services, automotive, construction, healthcare, and transportation improve their payment monetization strategies.

Global venture capital firm Point72 Ventures led PayEngine’s fundraising effort, with participation from private equity firms Mucker Capital, BAM Ventures and K5 Global.

B2B payments infrastructure company TransferMate valued at $1 billion

Dublin-based B2B payments infrastructure company TransferMate has raised $70 million in new funding, valuing the business at $1 billion.

According to a company press 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 enables businesses and individuals to make cross-border payments to more than 201 countries and in 141 currencies, seamlessly and with the ease of transferring funds domestically.

The Data Point: 98% of Companies Say Automated Endpoints Accelerate Payments and Fuel 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 hotspot automation is helping growth and how companies of different sizes in various verticals are using it or planning to use it.

In the past year alone, retail payment companies have seen demand rise in the industries we’ve studied as digital transformation catalyzes more commerce, even in an inflationary shadow.

We found that 95% of companies surveyed saw their average monthly debt increase, while 97% of companies say plans to increase sales and profits would be hampered if they were unable to handle volumes of higher accounts payable.

Sylndr Used Car Market Raises $12.6M

Egyptian online used car market 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 technology infrastructure, brand awareness and operational capabilities.

Sylndr is an e-commerce marketplace that allows consumers to buy and sell their cars and find financing.

UK-based BNPL Tranch gears up for US launch with $4.2m

Tranch, a UK Buy Now, Pay Later (BNPL) platform for software-as-a-service (SaaS) vendors and professional service providers, said it has raised $4.25 million in equity and funding by loan. The company – which has just been sneaked out – will use the funding to expand its team and bring more suppliers on board as it prepares to expand into the United States later this year.

Flash Ventures led Tranch’s funding round, with backing from Y Combinator and Columbia Lake Partners.

Founded in 2021, Tranch said it’s helping solve a $20 billion-a-year problem: waste between companies paying higher monthly fees for annual SaaS contracts that they could pay in full if not for constraints cash.

B2B facilitation platform Amaryllis Payment Solutions obtains $10 million to accelerate its development

Amaryllis Payment Solutions closed Monday, May 23, a $10 million Series B funding round that it will use to accelerate product development and strengthen its marketing and sales, according to a company press release. .

Amaryllis provides a payment facilitation platform for financial institutions, software vendors and SaaS companies to help them better monetize payments through their service and increase their revenue and business valuations.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

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