B2B FinTechs Pull More Than $46M In Funding
It was a slow week for B2B FinTech venture capital investments, though the industry still managed to pull more than $46.8 million in fresh funding. The leader this week is a B2B payments and trade credit startup offering a point-of-sale financing solution for B2B buyers, while additional funding landed across RegTech, logistics and other startup verticals.
With more than $800,000 in seed funding on the books, RegTech startup Detected is enabling B2B eCommerce platforms and marketplaces to mitigate risk by verifying both buyer and seller identities, credit ratings, locations and solvency. The company secured the funding from Hong Kong-based EmergeVest, reports said, while other angel investors also participated. The company’s artificial intelligence-powered platform is marketplace-agnostic, automating data analytics every month to keep both B2B buyers and suppliers compliant and secure.
New funding for Singapore-based B2B eCommerce platform SourceSage amounted to a $2.2 million round for the company led by Wavemaker and iGlobe Partners, according to Tech In Asia reports. SourceSage said it plans to use the investment to expand its management team and for overall expansion as it positions itself to help B2B businesses launch their eCommerce operations and go digital. In addition to offering an eCommerce platform, SourceSage connects B2B firms with procurement and distribution services for multinational organizations as well as smaller businesses.
With $4 million in new funding, Sleek will continue to help small businesses in Singapore and Hong Kong launch and operate their startups. EED Capital led the funding round, according to TechCrunch reports, while existing investors MI8 Limited and Pierre Lorinet also participated in the investment round. The seed funding will help the company move on its vision “to become the entrepreneur’s operating system,” according to the company’s co-founder and chief growth officer Adrien Barthel.
Sequoia Capital and Surge co-led a $6 million Series A investment round for Shipsy, a logistics startup looking to build the world’s largest shipping platform, according to IndianWeb2 reports. The India-based company offers a Software-as-a-Service product that automates freight negotiations between shippers and third-party logistics companies. In a statement, Shipsy’s co-founder and CEO Soham Chokshi said the technology helps in “improving shipping turnaround time and minimizing working capital loss for shippers through advanced machine learning models.”
Credit Key, a U.S.-based B2B FinTech startup focused on providing trade credit at the point-of-sale on B2B eCommerce platforms, has announced $33.85 million in fresh funding, the company announced in a recent blog post. The Series A investment was provided by Greycroft, Bonfire Ventures, Loeb.nyc and others, the company said. In a statement, co-founder and CEO John Tomich noted that “a great majority of merchants still lack the payment tools that their customers are asking for,” adding that point-of-sale financing can lead to “larger orders” and “fewer abandoned carts.”