Today in B2B: Gig Workers rely on FinTechs
Today in B2B payments, Thirdfort is raising $20 million for its identity verification platform and Swiftly is raising $100 million in a Series B fundraising round. Additionally, Hopscotch is launching a version Instant Payments private beta, and only 25% of tech companies say their payment operations are “very” or “extremely” efficient.
Retail Tech Company Quickly Raises $100M in Series B
The retail technology platform quickly landed $100 million in a Series B funding round that it will use to deliver an enhanced digital shopping experience to more brick-and-mortar retailers, capture digital ad dollars and build customer loyalty, according to a Tuesday, March 8. Press release.
Swiftly will use the new funds to add staff and resources across all departments, including engineering, sales, marketing and customer onboarding. The company will also expand its product portfolio to serve more retailers, brands and their customers.
75% of tech companies rate their payment operations as ‘fairly efficient’ at best
According to the Smart Receivables Playbook, a collaboration between PYMNTS and Flywire, three out of four technology companies (75%) consider their payment operations to be “somewhat efficient” at best.
The largest share of tech companies – 68% – rate their payment operations as just “somewhat efficient”. A further 7% consider them “not at all” or “slightly” effective. One in four technology companies (25%) consider these operations to be “very” or “extremely” effective.
Some universal challenges specifically affect the efficiency of accounts receivable (AR) across industries, such as late payments and complications in processing different forms of payment. Most companies report monthly revenue losses caused by time spent managing outdated AR infrastructure and processes.
Thirdfort FinTech Identity Verification Raises $20M
UK-based identity verification company Thirdfort announced this week that it has raised $20 million, thanks to a recent investment from Breega and Element Ventures.
Thirdfort offers a risk engine for corporate clients in the legal, real estate and financial sectors, allowing them to perform know-your-customer (KYC) checks and ensure they comply with anti-money laundering regulations. money (AML).
The company also provides its customers’ consumer customers with an app that connects the company to the customer’s bank, enabling secure payments.
Gig Economy Companies Turn to FinTechs to Enable Instant Payments
The next generation of small business owners, freelancers, and gig workers have grown up using instant payment platforms, including Venmo, which has given them payment experience expectations.
Hopscotch aims to address this need by facilitating free, instant business-to-business payments for small businesses and startups. The company announced the launch of its private beta on Tuesday (March 8) alongside a $6.1 million starter expansion that brings its total funding to $9.95 million.