Small Business Banking Drives VC As New FinTechs Emerge

This week’s B2B venture capital roundup includes a slew of seed funding rounds for some of the newest B2B FinTechs on the market. Small business banking was a clear winner this week, but it was a FinTech that enables B2B Software-as-a-Service companies to manage revenue that earned the top spot with a $68 million investment round. PYMNTS rounds up the latest VC funding below totaling $84.6 million in backing.

Briqpay

Launched by veterans from Klarna and Bambora, Briqpay has commenced operations as a new FinTech providing B2B eCommerce solutions with a focus on optimizing the B2B buyer experience. The company said in a blog post that it has also closed a funding round led by 31 Atlantic, while Voi CEO and Co-Founder Fredrik Hjelm, Luxor Capital CEO and Founder Christian Leone, Boosted Commerce Founder Charlie Chanaratsopon and other investors also participated. Briqpay said it raised about $730,000 and noted that the funding will fuel the company’s offering of integration with existing B2B eCommerce solutions that allow sellers to offer choice in payment method for their business clients across borders. The company also operates an analytics dashboard for sellers to understand customer behavior.

Juni

The $2.37 million seed round funding for Juni was announced this week as the company positions itself as a banking service provider for digital entrepreneurs in the eCommerce and marketing arenas. The company revealed the new funding was led by Cherry Ventures, while several angel investors also participated, according to a Juni blog post. The funding comes as the FinTech startup readies to launch its B2B eCommerce platform to the market, which will include a debit card, cash flow management, invoicing and reconciliation, and liquidity management capabilities.

Stanhope Financial Group

Another small business banking FinTech new to the scene is Stanhope Financial Group, which this week announced a $3.5 million seed round for its technology. The company is focusing on middle-market businesses with its banking solutions that include foreign exchange payments, treasury services and financing, with Stanhope noting that it will offer its own business-to-business (B2B) payments capabilities. The Ireland-based company did not reveal who provided the funding, though noted it will use the investment to launch subsidiaries in Dubai to service clients across the United Arab Emirates, Asia and Africa.

Kuda

Kuda is putting Nigeria’s B2B FinTech scene in the spotlight with a $10 million funding round announced this week. The company is yet another in this week’s VC roundup focusing on small business banking technology, delivering a mobile-first experience for small and medium-sized businesses (SMBs). The investment marks Africa’s largest-ever seed round, according to TechCrunch reports, and was led by Target Global. Entrée Capital and SBI Investment also participated, reports noted, as did FinTech founders and angel investors. Kuda plans to use the investment to gear up for the launch of its formal small business product in the first quarter of next year.

Paddle

While small business banking was undoubtedly the star of this week’s B2B venture capital roundup, the top investment spot lands at Paddle, a company that streamlines revenue collection and management for B2B Software-as-a-Service companies. The firm revealed in a recent press release that it raised $68 million in Series C funding for its technology that helps B2B SaaS firms acquire customers, retain existing clients, and manage recurring revenue and related workflows including payments, tax and subscription management. In a statement, CEO and Co-Founder Christian Owens said that the investment will fuel the company’s growth for the months and years ahead, with the U.K. company noting that it plans to expand in the U.S. and other markets. Funding will also be used to invest in expanding its product, engineering and marketing teams.