Today in B2B: Swappie Raises $124M in Series C Funding; Businesses Shift to Automated Payments

Today in B2B payments, Swappie raises $124 million to bring more people into the “circular smartphone economy,” and businesses move increasingly away from spreadsheets and emails to automated payments. Plus, Billtrust acquires B2B financial software platform Order2Cash, and Duplo raises $1.3 million for product improvement, technology upgrades, improved sales capacity and business expansion.

Finnish Smartphone Reseller Swappie Raises $124M

Finnish smartphone reseller Swappie, which is focused on giving people access to the “circular smartphone economy,” has raised $124 million in a Series C funding round, bringing its total investment capital to more than $171 million. Swappie sees the projected market for used and refurbished smartphones increasing at an annual growth rate of 10.23% over the next five years, with smartphones predicted to generate 146 million tons of carbon dioxide emissions this year.

Businesses Aim to Move From Spreadsheets and Emails to Automated Solutions

Most Latin American countries require an electronic invoice in the middle of all business transactions. Wire transfers are also the norm for B2B payments across the region, which complicates the invoicing process even further because businesses use multiple Excel spreadsheets, email addresses and WhatsApp messages, then log into a bank account to see if they’ve received the client’s payment. Flexio automates accounts receivable (AR) and accounts payable (AP) for small- to medium-sized businesses (SMBs), meaning those that remit at least 35 invoices or pay at least 65 per month. The platform connects to the tax authority, sends the business a notification each time it receives a new invoice, makes sure the information on this invoice is correct, and then inputs it into the business’ reports. If there’s a mistake on the invoice, Flexio notifies the supplier.

Billtrust Acquires European B2B Financial Software Provider Order2Cash

B2B accounts receivable (AR) automation and integrated payments company Billtrust has acquired Netherlands-based B2B financial software platform Order2Cash, giving the company a stronger global presence and the ability to expand its Business Payment Network (BPN). Terms of the deal were not disclosed. BPN delivers invoices to more than 170 accounts payable (AP) portals across an open network that supports buyers and suppliers and allows both AP and AR platforms to exchange invoices, payments and remittance data.

Nigerian B2B Payments Startup Duplo Raises $1.3M

Nigeria B2B payment digitization startup Duplo has raised $1.3 million in pre-seed funding, and the company will participate in accelerator Y Combinator’s winter batch. Duplo helps B2B companies automate their payment flows, generate or pay invoices and offer credit to their business customers. The platform also features a dashboard for clients to attribute payment flows to certain customers, locations or retailers. The company will use the fresh capital to improve its product and upgrade its technology to boost sales capacity before venturing into other business sectors.