Today In B2B: Billtrust Makes NASDAQ Debut; Modern Treasury Raises $38 Million
Today in B2B payments, Billtrust makes its debut on the NASDAQ, while Modern Treasury raises funding for its accounts payable automation technology. Plus, Starbucks introduces small business funding support, Lightspeed debuts a B2B vendor network and Birmingham Bank launches to serve small businesses in the U.K.
Payment operations software company Modern Treasury raised $38 million through an Altimeter Capital-led Series B funding round, according to a Tuesday (Jan. 12) announcement. The company says the infusion came during “explosive growth” for its payment operations and treasury management offerings, which enable firms to immediately close their books with continuous accounting, handle payments and banking via one platform, and have full cash visibility.
Montreal-based omnichannel commerce platform provider Lightspeed has unveiled the “initial availability” of the Lightspeed Supplier Network for merchants in North America. Merchants in the pet, jewelry, outdoor sport and bike sectors will initially be able to access the network, according to a Tuesday (Jan. 12) announcement. “This new tool enables independent businesses to discover new products, more easily sell online and make better use of their capital to strategically increase order frequency,” Lightspeed Founder and CEO Dax Dasilva said in the announcement.
Birmingham Bank is launching in the U.K. to help serve small to medium-sized businesses (SMBs), according to a report from BDaily. The bank’s launch follows the acquisition of Bira Bank by Lee Bushell, chairman of the Bushell Investment Group, the report stated. That acquisition got regulatory approval in the latter half of 2020. The new bank, according to the report, will be the first in over 100 years to bear Birmingham’s name.
Billtrust, which works in accounts receivable automation and integrated B2B payments, has completed a special purpose acquisition company (SPAC) merger with South Mountain Merger Corp., according to a press release. A SPAC merger means the company is allying with a blank-check investment firm to help it go public without undergoing the process of an initial public offering (IPO). Billtrust works to provide cloud-based software and integrated payment solutions to help streamline and automate B2B commerce.
Starbucks announced on Tuesday (Jan. 12) that it is investing $100 million from now through 2025 to support small businesses located in minority neighborhoods. The aim of the Starbucks Community Resilience Fund is to support SMBs in areas “with historically limited access to capital,” the release said, to promote racial equality and environmental resilience. In coordination with partners like the Opportunity Finance Network (OFN), Starbucks will deliver funds to local Community Development Finance Institutions (CDFIs) to provide small businesses and neighborhood projects with access to capital.