Today in B2B Payments: 2 Companies Announce Acquisitions
Today in B2B payments, FLEETCOR acquires Plugsurfing to facilitate payment for electric vehicle (EV) charging in Europe, while TimePayment buys QuickSpark to combine the two companies’ tools for the vendor finance industry. Plus, Mesh Payments raises $60 million, while CashFlo raises $8.7 million.
FLEETCOR Acquires European EV Software Provider Plugsurfing
Business payments company FLEETCOR Technologies has bought Plugsurfing, a European EV software and network provider. Plugsurfing has made a proprietary EV charging network with more than 300,000 charge points — over 80% of all charge points in the region. Its app provides access to comprehensive tariff information, facilitating payment for EV charging.
Equipment Financer TimePayment Acquires Competitor QuickSpark
TimePayment, a Boston FinTech company that provides sales financing for specialty equipment sellers, has acquired eCommerce-focused financing firm QuickSpark Financial. TimePayment President and CEO Jay Haverty said: “Together we will take the best of both company’s [eCommerce] and internal workflow tools to deliver superior technology and sales automation for the vendor finance industry.”
Mesh Payments Raises $60M to Expand Finance Automation Platform
Finance automation platform Mesh Payments has raised $60 million in new funding, which it will use it to expand its go-to-market efforts and continue its product innovation. Mesh Payments Co-Founder and CEO Oded Zehavi said: “The confidence in Mesh from investors and customers, even in a turbulent market, reinforces that our finance automation platform is what companies want to help them navigate a cost-cutting environment.”
CashFlo Raises $8.7M to Extend Reach of Supply Chain Finance in India
Indian supply chain finance startup CashFlo has raised 700 million rupees (about $8.7 million) to reach more customers with its existing products and to develop new products for businesses. CashFlo offers solutions that help corporates with core finance process automation and cash flow management. It also helps small- to medium-sized businesses (SMBs) receive working capital through an invoice discounting marketplace that it operates.
MTN Partners With Dooka for Digital Supply Chain Solution
Pan-African telecom giant MTN Group has signed a partnership agreement with Johannesburg-based B2B marketplace operator Dooka that will help to transform MTN’s supply chain and lead to “digital transparency and greater efficiency for MTN’s suppliers,” Dooka said.
Exxon Mobil to Accept FLEETCOR’s Fuelman, Comdata Cards
With a new agreement between business payments company FLEETCOR and Exxon Mobil, the former’s Fuelman cards are now accepted at over 12,000 U.S. Exxon and Mobile stations and its Comdata trucking cards will be accepted at the oil company’s commercial fueling locations starting next year. In addition, Fuelman cardholders can also take part in the Exxon Mobil rewards program and earn points when they buy fuel.
Priority Technology’s New CFO Pick Reflects Role’s Strategic Importance
Tim O’Leary, the new chief financial officer (CFO) at Priority Technology Holdings, is new to the role of CFO but has more than 20 years of capital markets and banking experience. The appointment reflects a growing shift in the marketplace. With companies facing unprecedented economic and go-to-business challenges, the role of the CFO has become far more strategic in nature.
Receipt Data Makes Corporate Travel Expense Management More ‘Hospitable’
For corporate travelers, life on the road is full of friction, particularly when gathering and presenting receipts for reimbursement. Banyan CEO Jehan Luth told PYMNTS’ Karen Webster in an interview that merchants in the hospitality business can help travelers and their employers eliminate these hassles.
Paper Checks Pose Major Risk to Corporate Coffers
On top of being a cumbersome payment vehicle, the paper check continues to pose a major risk to corporate coffers. Fraud is on the rise from both within and outside of the organization, and bad actors continue to take advantage of the paper check’s lack of security, particularly in a work-from-home environment. It’s one of the many reasons why CFOs and treasurers should continue to drive their firms toward electronic B2B payments.
What Yolt’s Exit Means for Europe’s Competitive Open Banking Market
At the end of August, Dutch banking group ING announced that it would be phasing out its open banking platform Yolt, citing a “rapidly evolving and changing market” as the main factor behind the decision. In light of a highly competitive market, Yolt’s exit may not surprise people familiar with the wider landscape of European open banking.
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