Commercial payments companies secure $151 million in new funding
Last week, Airwallex and Paycargo secured$40 million and $35million respectively from venture capital investors, which brought total fundings to $1.693 billion.
This week, California-based non-bank payments company Tipalti has landed $150 million funding and is at a valuation of $2 billion. Including this new funding, the company has bagged $280 million to date. The E series funding round was led by Durable Capital Partners, Greenoaks Capital and current investor 01 Advisors.
The company will use this funding for its global presence, growth and product expansion. According to the company’s press release, Tipalti has surpassed $12 billion in annual transaction volume and it ended with 80% growth in Q2 2020 compared to the same period in the previous year.
Tipalti provides businesses with Accounts Payable solutions which manage payments towards suppliers and partners and remittance automation services for their cash flow management.
In the next corner of the world, Singapore based Banking-as-a-Service (BaaS) company RootAnt has secured $1.46 million in seed funding. The funding round was led by Linear Capital and KZM & Company Group.
The funding will go towards its planned expansion in Singapore and the rest of Southeast Asia and Japan. The company will provide both FIs and businesses with digital products and embedding of financial services onto their network. It will also provide R&D towards BANCO Engine and multi-tier financing platform for businesses and supply chain ecosystems.