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 week. If you are an Accounts Payable, B2B 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. Thanks, and enjoy!
AvidXchange Extends Partnership with TOPS Software
Ardent recently learned that AvidXchange, the North Carolina-based AP and payment automation technology provider has announced an expansion to its strategic partnership with TOPS Software. TOPS provides accounting and property management specialized in helping community management companies better manage their homeowner associations. While the two companies have partnered since 2009, the addition of the TOPS [ONE] product offering means that TOPS customers and their suppliers are now being migrated into the digital and mobile space, with AvidXchange now being able to extend its AP solution through TOPS [ONE]. Management companies will have a greater opportunity for streamlined invoice approval processes through the automated workflow. Through TOPS Connect API, all supplier invoice and payment transactions will now be automatically synced to the TOPS ledgers.
C2FO Raised $100M in Latest Round of Funding
FinTech provider, C2FO, has recently completed a $100M round of funding, led by Allianz X and Mubadala Investment Company. C2FO is a provider of a working capital marketplace that allows suppliers to negotiate dynamic discounting options with clients. This investment will support key strategic initiatives for C2FO, including international growth and additional working capital solutions. The investors from Allianz X noted how C2FO connecting companies with working capital in real time is a unique solution to a critical aspect of trade financing. Other participants in this round of funding include current C2FO invetors: Temasek, Union Square Ventures, and Mithril Capital.
Kyriba Launches New Partner Opportunities
Kyriba, a provider of cloud-based treasury, cash, and risk management solutions, recently announced new partner incentives that are designed to help global partners achieve first-year profitability and drive recurring revenue growth for their organizations. These new partnership opportunities follow a record year of growth for Kyriba, with over 230 new enterprise clients gained last year, and a $45 million strategic investment lead by financial technology venture capital firm, Sumeru Equity Partners, back in September, 2017. These partner incentives include: a more generous revenue sharing model, where qualified partners can earn up to 40% of bookings in the first year, and 20% of recurring revenue over the course of the contract. Also included is an enhanced monetization strategy which would make 100% of global direct deals available for partner involvement.
ABBYY to Partner With Lifeboat Distribution
ABBYY, a provider of document capture and optical character recognition (OCR) technology solutions, has recently announced a new strategic partnership with Lifeboat Distribution. Lifeboat is a value added distributor that provides supply chain services, and connects best-in-breed software publishers with resellers. Through this partnership Lifeboat Distribution will be able to distribute the ABBYY FineReader and the ABBYY Recognition Server to its customers in the United States, Canada, and Mexico. The FineReader is ABBYY’s OCR application, and the Recognition Server is its document conversion server.
FourKites Raises $35M In Funding
The Chicago-based provider of a predictive supply chain platform, FourKites, recently announced that they have raised $35m in Series B funding, led by August Capital. The FourKites platform utilizes a proprietary algorithm to provide clients with real time visibility into shipment tracking and arrival times. They have a network of more than four million GPS/ELD devices, and they cover ocean, rail, parcel, and over-the-road travel. The company plans to use the funds to broaden its market, as well as expand its product. This round of funding also included participation from existing investors, Bain Capital Ventures and Hyde Park Venture Partners.
MerchantServices.io Launches Payment Processing Solution
Ardent has learned that MerchantServices.io has announced the launch of its new Software-as-a-Service platform for B2B as well as Municipal payment processing. MerchantServices.io, which is headquartered in Utah, provides ACH and credit card processing for B2B merchant services. Its new platform features Level 2 and Level 3 credit card processing, a revamped API, and more comprehensive reporting capabilities. This service was designed to streamline B2B transactions and for government agencies looking to increase operational efficiency.
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