Commercial payments companies bagged $75 million this week
As digital transformation in payments heats up and the number of collaborations continues to grow, investors are pinning their hopes on growth in the market. This week, investors poured $40 million into Airwallex and $35million in PayCargo.
Airwallex, which is a Melbourne based cross-border payments company, extended its series D funding by $40 million to collect $200 million in total. To date, the company has raised $400 million in funding.
According to the company, this funding would be used to strengthen its existing footprint in the Asia Pacific and UK/Europe region. The company aims to add additional regions such as Middle-East, Eastern Europe and Africa. It is also laying its roadmap to launch its services in the US in Q1 2021.
This year, the company partnered with Xero for SME payments while it also partnered with Deutsche Bank to provide virtual accounts collection.
Another company, PayCargo also bagged a $35 million investment which was led by Insights Partner. The company would use this investment to expand the global adoption of its electronic payments network.
“As the cargo industry rapidly shifts to electronic payments, PayCargo has established itself as the market leading platform for doing business by successfully automating the payments process and ensuring efficiency for both payers and vendors,” said Ryan Hinkle, Managing Director at Insight Partners.
Earlier this year, Unisys had partnered with PayCargo for the development of a new payments platform based on Unisys Digistics, its air cargo software product.
With this funding of $75 million this week, commercial payments fintechs have collectively raised $1.54 billion this year and last week it was Melio and Neon Pagamentos who raised $144 million and $300 million respectively.