B2B: Melio launches international payments for SMEs
Today in B2B payments, JiffyStock will now accept cryptocurrency for B2B wholesale payments, while Mondu is picking up $43 million for the expansion of its buy now, pay later (BNPL) B2B services. Additionally, ACH payments are on the rise in the B2B industry, B2B payments innovation has been hampered by a talent shortage, PayMate India is asking to go public, and Kennek is adding plug-and-play credit infrastructure on the Mambu cloud platform.
B2B ACH payments are experiencing a “boom”
More than two-thirds (68%) of CFOs report increased use of Automated Clearing House (ACH) transfers in their business due to digitalization since the start of the pandemic, making ACH the mode of payment #1 in most frequent use, according to the “Real-Time Payments Tracker,” a collaboration between PYMNTS and The Clearing House.
Originally developed in the 1970s, ACH payments allow money to be transferred electronically between bank accounts, and payments are typically settled within one to three days. It has become one of the main payment methods in the United States for business uses such as paying employees, taxes and suppliers.
The benefits of ACH include speed, low cost, and a contactless process – a combination that is leading many organizations to expand its use.
Melio presents international payments for SMEs
Small business-focused B2B payments platform Melio has launched an international payments initiative that will allow US small businesses to make payments to suppliers in more than 70 countries around the world by July 1. July, according to a press release on Tuesday, May 31.
Melio said in its announcement that 63% of small businesses have had to change their supply chains in the last six months, and cross-border payments have increased rapidly during this period, which means that small businesses that are not equipped to manage them are often left out or left out. Melio’s international payments solution brings the capabilities to a wider range of providers.
Talent Shortage Is a Major Barrier to B2B Payments Innovation
As businesses consider innovation in digital payments, one of the biggest hurdles they face is a lack of in-house knowledge about the technologies they are looking to adopt.
According to “Accelerating the Time to Realized Revenue”, a collaboration between PYMNTS and Mastercard based on a survey of 409 business leaders.
Large and medium-sized companies said they struggle to hire and retain the staff they need to create informed strategy, implement new technologies and manage them.
B2B Retail Marketplace Betastore Brings $2.5M to Clothing Stores in Africa
Nigeria-based B2B retail marketplace Betastore has raised $2.5m to help informal stores in West and Central Africa deal with financial issues and stock-outs. By removing middlemen, the market will allow informal traders to access fast-moving consumer goods from manufacturers and distributors to make products cost-competitive. It will work with logistics partners to ensure one-day delivery.
Betastore aims to expand beyond its three existing markets – Ghana, Democratic Republic of Congo and Cameroon – by the end of the year. CEO Steve Dakayi-Kamga said the important thing was to scale the business through an asset-light strategy, with “no capital or labor-intensive assets” on warehouses or its delivery fleet.
The company plans to expand to more than 100 cities in Nigeria, Ivory Coast and Senegal before the end of the year.
Kennek Launches Plug and Play Credit Infrastructure on Mambu’s Cloud Platform
Kennek Lending Solution will launch a new “plug and play” credit infrastructure on the Mambu cloud banking platform to help alternative lenders and credit investors find credit. Building on Mambu’s composable cloud platform, the company will offer a “very flexible” lending solution.
The platform will work with businesses to help get things started and run, and will allow customers to streamline all of their middle and back office functions, and provide structure and access to risk management tools. .
Kennek has seen demand for software-as-a-service (SaaS) platforms, lenders and credit investors, and will expand into continental Europe.
JiffyStock will take crypto for B2B wholesale payment
B2B wholesale marketplace JiffyStock has started accepting cryptocurrency for payment, according to a report from the Digital Journal on Monday, May 30, allowing businesses on the platform to use crypto to buy and sell goods and services bulk.
The report notes that major B2B wholesale marketplaces often lack the technology to support new payment methods.
Rami Altawara, CEO of USASCT, the company behind JiffyStock, said innovation in the wholesale e-commerce industry is lacking.
B2B payments company PayMate India files public filing
Payments and services provider PayMate India has filed its draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India to raise funds through an initial public offering (IPO). The company wants a new issue of ₹1125 crore and a sell offer of ₹375 crore. Up to 10% of the supply will remain available for allocation to individual bidders, with approximately 75% for qualified institutional buyers.
Proceeds will go to new investments in new locations, the company said. PayMate is a multi-payment category platform using vendor payments, statutory payments and utility payments, enabling a “fully integrated” B2B payments stack. It allows consumers and sellers, suppliers, buyers, resellers and distributors to use commercial cards to make direct tax payments, utility payments and more.
Mondu releases $43 million for BNPL B2B services
Buy Now Pay Later (BNPL) company Mondu has raised $43 million in a Series A funding round, the company announced in a Monday May 30 blog post, enabling it to “continue to invest” in its product, drive consumer acquisition and support its expansion into more European countries, starting with Austria in June.
The Mondu BNPL solution will offer installment payment options for business-to-business (B2B) and cash transactions, and would be easy to integrate with payment APIs, plugins and widgets.
This will allow business customers to enjoy the kind of frictionless payment they want for business-to-consumer (B2C) transactions, Mondu said.