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!
Coupa Software Releases Third Quarter 2019 Financial Results
Yesterday morning, Coupa Software (NASDAQ: COUP), the San Francisco-based provider of business spend management (BSM) solutions in the cloud, released financial performance results for the third quarter of fiscal year 2019, which ended on October 31 of this year. Rob Bernshteyn, CEO of Coupa, hailed the company’s market leadership, performance, bevy of new customer wins, and demonstrated ability to continue to drive more spend under management (nearly $1 trillion) for an expanding worldwide customer base. Highlights from Q3 2019 include:
- $67.5 million in total revenue, up 42% from Q3 2018;
- $60.6 million in subscription-based revenues, up 42% from Q3 2018;
- $9.9 million in operating losses, compared to $11.3 million in losses from Q3 2018;
- $9.6 million in net losses, compared to $11.3 million from Q3 2018;
- $4.0 million in operating cash flows and $2.6 million in free cash flows, down considerably from this time last year
Corcentric Secures $200 Million in Funding
Corcentric, a provider of financial process automation solutions with corporate headquarters in New Jersey, has this week secured a $200 million senior credit facility. The capital consists of $150 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase, as well as a $50 million term loan from TCW Asset Management Company. With this large amount secured, Corcentric will look to invest in improvements to its technology and solutions. Earlier this year, the company combined business operations with its parent company, AmeriQuest Business Services, and rebranded under the Corcentric company name (which we covered here). The new credit facility is the next step in the execution of the company’s strategic plan under the Corcentric brand. The money will primarily be used to support future growth organically, and through acquisitions in the US and abroad.
HSBC, Others Launch Blockchain Trade Finance Platform
A new blockchain-based trade finance platform, which has been developed by HSBC, Standard Chartered, and 10 other banks, was recently launched in Hong-Kong. The new platform, which is called eTrade Connect, was designed to help create more efficiencies in the funding of international trade. eTrade Connect has allowed HSBC to reduce the time it takes to approve trade loan applications from a day-and-a-half process, down to four hours. The other major banks involved in the development of the platform included the Agricultural Bank of China and BNP Paribas. Leveraging blockchain technology is expected to help reduce risk and cut down on the number of steps in the trade finance process by digitizing trade documents and automating key processes. The eTrade platform will collaborate with European-based digital trading platform We.Trade which uses similar technology, and includes Deutsche Bank, UBS, and HSBC as its participants.
Comdata Partners with Bill.com on B2B Payments
Comdata, a Tennessee-based B2B payment and financial technology provider, has announced a new agreement with Bill.com a cloud accounting solution provider designed for SMB’s, to serve as the company’s virtual credit card provider. Bill.com, which is headquartered in Palo Alto, California, is looking to digitize B2B payments for SMBs. Virtual credit cards offer an option to remove paper from the payments process. Through the new agreement, Bill.com will be able to add a virtual credit card to its existing payables options, that will be backed by Comdata’s scale and expertise.
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