Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P, and B2B payment solution provider news and updates from the past month. If you are an accounts payable, payments, or spend management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. You can jump to specific news items by clicking the links below. Thanks, and enjoy!
Chrome River Announces Latest Invoice Automation Tool
Bottomline Announces Second Quarter Results
Zervant Raises EUR6 Million in Latest Funding Round
WeTravel Expands Payments Platform for Travel Companies
HighRadius Gets Investment from Citi Ventures and PNC
Visa Acquires Payments Provider Fraedom
Chrome River Announces Latest Invoice Automation Tool
Chrome River, the Los Angeles-based provider of invoice and expense management solutions, recently revealed its Chrome River INVOICE automation tool. Chrome River INVOICE provides a fully-mobile solution that allows users to manage the invoice process on any device. The tool was built with HTML5 web technology, so that the solution can be run on any web browser, without the need for a dedicated app. The solution also offers an invoice management dashboard, which should allow AP teams to get an overview of all their invoices from a single screen.
Bottomline Announces Second Quarter Results
Bottomline Technologies (NASDAQ: EPAY), the cloud-based business payment, invoice, and digital banking solution provider, with headquarters in Portsmouth, New Hampshire, recently announced financial results for the second quarter ended December 31, 2017. Highlights from 2Q include:
- $63.2 million in subscription and transaction revenue, up 14% compared to 2Q last year
- $95.2 million in overall revenue, up 10% compared to 2Q last year
- $22.5 million in adjusted EBITDA, an increase of 20% from 2Q last year
- $12.2 million core net income, compared to $9.7 million for 2Q last year
- $3.1 million GAAP net income, compared to $10.3 million GAAP net loss for 2Q last year
Zervant Raises EUR6 Million in Latest Funding Round
Zervant, a cloud-based invoicing solution provider based in Finland, recently announced that it has raised EUR6 million in its latest round of funding. The funding was led by the private equity firm, Tesi, and was joined by Northzone, NFT Ventures, and Conor Venture Partners as well. Zervant plans to utilize this cash injection by building up its client base of small-businesses, as well as introducing new features to its solution. An incoming EU directive that aims to make all B2B invoices in Europe electronic could go into effect as early as 2020. Zervant hopes to be able to provide its solution to more businesses across Europe as a result.
WeTravel Expands Payments Platform for Travel Companies
WeTravel, a payments platform solution provider for Travel Companies, recently closed a $2 million seed round to help expand its business among the small and medium-sized businesses that work in tourism and travel. WeTravel provides payment and organizational tools to small merchants to streamline the process of organizing and booking trips. WeTravel offers services for clients to create booking pages, accept payments, and manage finances from a singular location. The seed investors were led by The House Fund and Brett Wilson, among others.
HighRadius Gets Investment from Citi Ventures and PNC
Citi Ventures and PNC recently announced an investment in HighRadius, a B2B payments software provider with the hopes of modernizing their payments and accounts receivable function for their enterprise. HighRadius, which is headquarted in Houston, Texas, offers cloud-based integrated payments solutions and has developed technology that incorporates artificial intelligence and machine learning capabilities. Citi Ventures is the venture capital arm of the Citi Banking Corp, and specializes in incubation and seed investments in the Fintech sector. They will look to HighRadius to help revamp their payments process with AI and automation technologies. PNC Treasury Management will be able to automate their cash application process across all formats (including payments and remittance).
Visa Acquires Payments Provider Fraedom
Visa (NYSE: V) recently announced the acquisition of Fraedom, an expense management solution provider, to expand its global commercial offerings. Fraedom, which is headquartered in New Zealand and has been a partner of Visa’s for over a decade, offers digital expense management and accounts payable solutions for businesses. The Fraedom technology will help expand and strengthen Visa’s business suite of solutions, which includes the Visa IntelliLink spend management platform. Fraedom had been a wholly owned subsidiary of the Hogg Robinson Group, but will now operate as a subsidiary of Visa. While financial terms of the deal were not disclosed, the acquisition is expected to close by the end of Q1, 2018 following customary closing conditions.
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