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!
Tradeshift Announces Results from Fourth Quarter of 2018
Tradeshift, the San Francisco based provider of supply chain payments and marketplaces, this week announced the results from the fourth quarter of 2018. This marks the eleventh quarter in a row of successive growth for the company. Tradeshift added a company record 49 new customers this quarter (with over 100 added in 2018 total), including Charter Hall, HSBC, Econocom, among others. This quarter, Tradeshift also raised $300 million in a Series E funding round led by Goldman Sachs and PSP Investments. The new round of financing brought Tradeshift’s total funding to more than $400 million, and took the company’s valuation to $1.2 billion. Some of the growth stats announced include:
- Year-over-year bookings grew 250%
- Year-over-year revenue grew 178% (trailing 12 months)
- New total contract value grew by $59M in Q4
Coupa Partners with J.P. Morgan as Coupa Pay Customer
Also this week, Coupa Software (NASDAQ: COUP), the San Francisco-based provider of business spend management (BSM) solutions in the cloud, announced a new strategic collaboration with J.P. Morgan. Coupa, will begin partnering with J.P. Morgan’s Single-Use Accounts (SUA), virtual card, to enable a faster and more secure way for businesses to manage payments within their business spend management strategy. Using Coupa Pay, Coupa’s payment management and financing software solution, with J.P. Morgan’s SUA solution, a user requests a virtual card by submitting a purchase requisition through Coupa. Once approved, a unique SUA credit card number is generated for the authorized supplier and amount, and Coupa automatically reconciles the resulting charges and statements back to the purchase order. Customers should gain greater insight into spend, and suppliers will be paid faster and receive better data for reconciliation.
Kyriba to Buy FiREapps
Kyriba, a provider of cloud-based treasury, cash, and risk management solutions, recently announced it has reached an agreement to acquire FiREapps, the leader in enterprise currency management based in Arizona, and with offices in London and Frankfurt. The agreement will combine two leaders in cloud treasury and risk management, and further enhance Kyriba’s capabilities for safeguarding its clients against the entire continuum of financial and operational risk, including foreign exchange (FX) exposures, payments fraud, regulatory risk and more. The acquisition will create a highly advanced solution for managing global FX risk, including data gathering and consolidation, reporting, analytics, decision support, payments, hedge accounting and more.
MarketInvoice Receives Investments from Barclays and Santander
MarketInvoice, a UK-based invoice finance platform provider, has announced a £26 million Series B funding round, led by Barclays and Santander InnoVentures. The round was joined by venture fund Northzone and technology credit fund Viola Credit, which will also provide MarketInvoice a debt facility of up to £30 million. Barclays becomes the first high street bank to enter into a strategic partnership with MarketInvoice, rolling out the service to its SME client base. The new round of funding will be used to build more partnerships, make hires and create cross-border fintech-bank alliances to support more businesses. By collaborating with bank partners, MarketInvoice should be able to reach more companies and provide them with better business finance needs.
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