Today in B2B payments, Airwallex and Stake partner on cross-border payments, and Swiggy could be valued at more than $10 billion after its next fundraising round. Plus, Payabill debuts a new payment solution for South African SMBs, and half of multinational companies use cryptocurrency for cross-border payments.
South Africa’s Payabill Offers New SMB Payment Solution
South African FinTech Payabill recently debuted a product it says will eliminate the risk of settling bills of international suppliers for small and medium-sized businesses (SMBs).
Payabill’s new offering, which was created in partnership with the Sasfin Forex division, lets clients choose when and how often they want to make payments to prevent unneeded strain on their businesses. Payabill lets businesses settle with international suppliers and come to suitable terms of up to 90 days, while also accepting pro-forma invoices for automatic settlements.
India’s Swiggy in Talks to Raise $800M From Investors
Bengaluru-based online food ordering company Swiggy is talking to investors including SoftBank and Prosus in its quest to raise around $800 million and become a decacorn (a company valued at more than $10 billion), Entrackr reported.
Swiggy was last valued at $5.6 billion in July, when it had raised $1.25 billion in a round led by the SoftBank Vision Fund.
Airwallex, Stake Team on Cross-Border Payments
FinTech company Airwallex will be used by Australia-based digital brokerage Stake as a cross-border payments and foreign exchange (FX) partner, according to a joint announcement.
Stake chose Airwallex because its tech platform will allow Stake to receive, convert and pay out funds in various currencies, meaning it can serve customers in a variety of markets.
Crypto for Cross-Border Payments Backed By Half of Multinationals, New Study Shows
Half of multinational businesses use cryptocurrency for cross-border payments to their trading partners around the world, according to the Cryptocurrency, Blockchain And Global Business: Assessing The Potential For Multinational Companies And Financial Institutions report, done by PYMNTS in collaboration with Circle.
Our survey of 250 executives at multinational businesses and 250 financial institutions (FIs) shows that 50% are either already using crypto to pay partners or are planning on doing so, more than double the rate of the companies that said they held digital assets for investing and asset management purposes on their balance sheets (21%).
The survey also found multinational companies that embrace digital currency are six times more likely to use cryptocurrencies to conduct transactions than to hold them as investments.
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