Today in B2B payments, Freshworks’ initial public offering value could be close to $10 billion and open finance platform mmob adds iwoca. Plus, asset manager White Oak acquires trade finance firm Finacity, FloBiz grabs $31 million for growth and Check and Procare improve child care center employee payments.
SMB Neobank FloBiz Nets $31M in Series B Funding for Expansion
Indian small to midsize business (SMB) neobank FloBiz has raised $31 million in Series B funding that it will use to add more employees, develop new products, scale its distribution network and enter the financial services sector, according to Business Today on Monday (Sept. 20).
Sequoia Capital India led the fundraising effort, with Think Investments and existing investors Elevation Capital and Beenext joining in along with other investors.
Open Finance Platform mmob Adds iwoca to Its Network
Open finance partnership platform mmob recently added small- to medium-sized business (SMB) lender iwoca to its digital finance provider network.
The pairing lets banks and other large financial institutions easily embed small business loan provision into their digital ecosystems and reduce the time SMBs spend on paperwork.
Payroll Firm Check, Procare Team on Automated Child Care Center Product
Payroll-as-a-Service startup Check recently teamed up with child care management software platform Procare Solution to improve employee payment processes by child care centers by integrating payroll capabilities through Check’s software.
The partnership means Procare will develop an automated way to take payments at centers likely by next year.
Business Software Firm Freshworks Hikes IPO Price Range
Business and consumer engagement software platform Freshworks has raised the target range for its upcoming initial public offering (IPO) to a possible $9.6 billion valuation.
If the IPO comes in at the top end of its expected price range of $32 to $34 per share, the California-based Freshworks would raise $969 million.
Asset Manager White Oak Buys Trade Finance Firm Finacity
Alternative asset manager White Oak has acquired trade finance and working capital platform Finacity, according to a joint press release, giving White Oak more leverage in the asset-based working capital market.
Finacity works with hundreds of billions of dollars in trade finance receivables every year and facilitates non-bank transactions across the globe, according to the release.
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