Today in B2B payments, Plastiq pairs with Ramp to boost corporate card adoption, and Enova’s ODX merges with Fundation to form a new small business lender. Plus, DBS offers facial recognition capabilities for small business customers, TravelBank secures cybersecurity certification and Atom Bank plans fundraise ahead of IPO.
Plastiq, Ramp Collaborate On Supplier Payments By Card
Plastiq and Ramp are collaborating to help companies pay for almost every kind of corporate cost with the Ramp card. Clients can monitor, manage and control all of their spending in one location — even larger costs that don’t usually fit on a credit card, according to a Thursday (Feb. 25) announcement. Plastiq President and Chief Operating Officer Sameer Gulati said in the announcement that access to credit and the capacity to smartly control payments is of the utmost importance for companies aiming to quickly grow.
Enova’s ODX, Fundation To Form SMB Lending Firm Through Merger
Enova International struck a deal to combine its ODX operation with origination solutions company Fundation. Enova will keep a minority share in the new combined company, according to a Thursday (Feb. 25) announcement. “This transaction creates the largest independent SaaS provider to banks for small business lending,” Enova CEO David Fisher said in the announcement. “We believe that this transaction will fuel growth for Linear while enabling us to more efficiently focus our efforts on growing our core U.S. SMB and consumer businesses.”
DBS Offers Facial Recognition For SMB Customers
Small and medium-sized business (SMB) owners in Singapore will now be able to use facial recognition to access their DBS Bank accounts, per a report from The Straits Times. To use the software, called SingPass Face Verification, users will just have to face a camera and have their information verified. Before this, business owners who qualified for straight-through processing would have to manually enter in their information while setting up a corporate account, creating the risk of users forgetting their passwords.
TravelBank Gets Certification For Cybersecurity Standards
Expense management and business travel booking platform TravelBank has become an ISO/IEC 27001:2013 certified provider, with its Information Security Management System (ISMS) receiving third-party accreditation from the International Standards Organization, according to a Wednesday (Feb. 24) press release. The ISO/IEC 27001:2013 standards have to do with the best practices for information security systems. By being recognized with this certification, the release said, TravelBank’s procedures are comprehensive and follow leading practices.
UK’s Atom Bank Raises £40 Million In Plan For Initial Public Offering
U.K. FinTech Atom Bank is planning to raise 40 million pounds (about $56 million) from existing shareholders as it plans for an initial public offering (IPO), according to a Prolific North report on Thursday (Feb. 25). The startup has turned the corner of profitability from its mortgage and business lending within a year. The IPO is anticipated to happen in the 2022-23 financial year.
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