Today in B2B payments, Retailo buy eCommerce platform DXBUY, while Tencent invests in payments FinTech Previse. Plus, businesses need to adopt specialized spend management plans for their decentralized workforces, Tofino Capital launches a $10 million fund for B2B startups, and TransferMate now sponsors Haas Formula 1 racing team.
B2B Startup Retailo Buys eCommerce Platform DXBUY
Retailo, a Riyadh, Saudi Arabia, company that digitizes retail operations in the Middle East and North Africa, has acquired United Arab Emirates B2B eCommerce platform DXBUY, which describes itself as “a B2B eCommerce app designed to simplify the buying process by directly connecting small businesses with manufacturers and wholesalers through a digital platform.” With DXBUY, Retailo expects to expand further into the hotel, restaurant and cafe (HORECA) sector in the Middle East and North Africa.
Tencent Buys Stake in UK Business Payments FinTech Previse
Chinese technology holding company Tencent is leading a $10.4 million Series B fundraising round in British FinTech Previse that would put the company’s value at about $91 million. London-based Previse’s goal is to “turbo-charge B2B commerce by using buyer/supplier trading data.” Previse can process “corporate and small- and medium-sized enterprise trading data globally and use [artificial intelligence] to predict future revenues and price the risk accurately.”
Decentralized Workforces Require Specialized Spend Management Solutions
Decentralized workforces have turned spend management solutions from a “nice-to-have” into a “must-have” for businesses looking to get a handle on cash flow. Among the challenges are figuring out how to make sure they’re in compliance, managing spend in the right way and negotiating with suppliers in the right way while providing a user-friendly experience for employees who are spending money on behalf of the company from their home offices.
Tofino Capital Supports B2B Startups in Developing Nations With $10M Fund
Tofino Capital, an early-stage venture capital firm, has launched a $10 million fund and has a $5 million close toward the goal. Tofino Capital focuses on startups in the B2B segments, particularly those with FinTech, logistics and marketplace themes. Tofino Capital looks to make investments of between $50,000 and $500,000.
B2B Payments Infrastructure Provider TransferMate Partners With Haas F1 Team
The Haas Formula 1 racing team has announced a partnership with TransferMate Global Payments, which provides payments Infrastructure-as-a-Service. As an official Haas team partner, TransferMate will provide cross-border payments services, and its logo will be featured on the Haas F1 Team’s VF-22 car and the apparel of drivers Kevin Magnussen and Mick Schumacher.
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