Today in B2B, Neat launches its Visa business card solution in Hong Kong, while PayPal Ventures joins a major funding round for Divvy. Plus, Paycor raises $270 million, Unanet expands its ERP functionality and Opportunity Fund collaborates with credit unions on small business finance.
Neat Launches Visa Card for Businesses in Hong Kong
Neat said on Tuesday (Jan. 5) that it has become a member of the Visa network and will issue its own Neat Visa card for Hong Kong-incorporated companies. The FinTech can issue its own payment offerings as a Visa member, drawing from Visa’s international network and providing an improved client experience, according to an announcement. “Our new Neat Visa card really gives [small- to medium-sized businesses (SMBs)] the flexibility and control they need over their spending,” Neat CEO David Rosa said in the announcement. “We are proud to be helping [SMBs] and entrepreneurs grow their businesses across borders.”
Paycor Collects $270 Million for Payroll Tech
Human capital management and payroll software firm Paycor has landed $270 million in new investment dollars. The Qatar Investment Authority and Neuberger Berman, on behalf of the investment funds it works with, are co-leading the big infusion of investment dollars into the Cincinnati and New York-based SaaS firm. New investors include ClearBridge Investments, Franklin Templeton, Leumi Partners and Teca Partners, the company said in a Monday (Jan. 4) press release. Paycor currently works with more than 40,000 small and mid-sized businesses, offering a range of recruiting, payroll and HR solutions.
Unanet Debuts New Functionalities for ERP Software
Enterprise resource planning (ERP) company Unanet has rolled out a number of functionalities to add to its platform for architecture and engineering firms in addition to government contractors, according to a Tuesday (Jan. 5) announcement. “Unanet is continually investing in its ERP to ensure that it has the latest cutting-edge technology, because that’s what our customers need to stay nimble and competitive in this complex economy,” Unanet Chief Product Officer Assad Jarrahian said in the announcement. Unanet’s new release comes with four main improvements for GovCons in the areas of inventory integration, Unanet mobile, project central dashboard and contract management.
Opportunity Fund Teams With CUs for SMB Lending Campaign
Longtime small business microlender Opportunity Fund is teaming up with a trio of credit unions (CUs) as part of the nonprofit’s bid to invest $1 billion in “marginalized businesses” across the country over the next two years. The San Jose-based community development financial institution, or CDFI, on Tuesday (Jan. 5) unveiled a new partnership with Meriwest Credit Union, Self-Help Federal Credit Union and UMe Credit Union. The aim of the agreement is to boost access to “transparent, affordable credit — particularly among businesses owned by women, people of color and rural entrepreneurs,” the nonprofit lender noted in a press release.
PayPal Ventures Joins Divvy’s $165 Million Funding Round
Divvy, which offers a platform for tracking business expenses, has raised $165 million in a funding round that includes PayPal Ventures as a new investor. This funding round puts Divvy’s valuation at $1.6 billion, the company said in a press release. The funding included previous backers NEA, Insight Venture Partners, Acrew and Pelion, along with such new investors as Hanaco, Whale Rock and Schonfeld. Divvy said in the release that its “simplified process and cost-saving benefits are especially important to Main Street businesses that are navigating the challenges and opportunities brought on by the COVID-19 pandemic.” Since March 2020, the company has seen “a 500 percent increase in monthly signups.”
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