Corporate card startup Ramp confirmed earlier reports of new backing with the announcement of its $115 million funding round, but it wasn’t the biggest investment in B2B FinTech this week. Instead, B2B eCommerce took the lead with two nine-figure funding rounds, one in India and one in Uruguay.
Treasury technology startup Scrypt AI announced the closure of its seed funding round this week. The company did not disclose how much it raised. Shai Stern, co-chair and CEO of CheckAlt, led the funding, Cross River Bank and several other notable investors also participated. The company did not reveal what it plans to do with the funding, but it will likely go towards further growth of the firm’s technology, which aims to streamline accounts receivable, accounts payable and treasury management workflows using artificial intelligence (AI).
Also raising an undisclosed sum is PrimePay, a payroll FinTech and human capital management solutions provider. Private investment firm Aquiline Capital Partners provided the funding, the company said. “Aquiline’s experience at the nexus of finance, technology and business services makes it the ideal partner to support the company as we continue our expansion and evolution,” PrimePay’s Founder and CEO Bill Pellicano said in a release.
Crypto accounting platform Cryptio has raised $1.2 million in seed funding, the company recently announced, with Draper Associates leading the funding. ConsenSys Ventures, Outlier Ventures, Aave founder Stani Kulechov, and other investors also participated. Based in France, the company offers corporate accounting solutions for businesses with cryptocurrency on their books. The companies offerings include tax filing, payments, treasury management and more. The new funding will help Cryptio grow by investing in expanding its team.
As a digital platform designed to facilitate trade between the U.S. and Mexico, Nuvocargo offers a range of solutions for shippers and carriers to streamline the logistics of trade. But with the new funding, the company will look to introduce our range of additional products, including supply chain finance, inventory loans and more. Investors recently placed $12 million in series A funding with the company. QED Investors led the round while a range of other funds and prominent investors also participated.
Based in Brazil, Cora offers small to medium-sized businesses (SMBs) financial technology to connect them to loans more quickly. The alt-lender recently announced a $26.7 million Series A investment round led by Ribbit Capital, while Kaszek Ventures, QED Investors and Greenoaks Capital also participated, according to TechCrunch reports. Cora said it will use the investment to continue focusing on growth, introduce new features and improve upon existing offerings. The funding will also fuel the launch of new credit products and the exploration of expansion into other B2B services.
Located in India, OfBusiness has announced a $110 million funding round led by Falcon Edge Capital. The B2B eCommerce startup offers a range of solutions for small businesses to facilitate trade and financial management with procurement, logistics, and financing tools available. The funding, which also saw participation from Matrix Partners India, Creation Investments and Norwest Venture Partners, will allow the startup to expand into new supply chains and fuel growth within existing geographies.
Confirming a rumor that first emerged last week, corporate credit card startup Ramp announced a $115 million funding raise. D1 Capital Partners and Stripe led the funding, while Goldman Sachs, Founders Fund, Coatue Management, Thrive Capital, Redpoint Ventures, Box Group, Neo and Contrary Capital also participated. With a new valuation of $1.6 billion, Ramp, which combines its card solution with an expense management offering, said it plans to use the latest funding to fuel continued growth and develop new features designed to strengthen control and transparency in corporate spend.
This week’s investment leader is DLocal, a startup based in Uruguay providing businesses cross-border payment solutions. Alkeon Capital recently led a $150 million funding round for the company, which is now valued at $5 billion. Bond, D1 Capital Partners and Tiger Global also participated. DLocal enables companies to accept payments in a variety of currencies and via various mechanisms. Its product offering also includes support for companies that need to send money across borders to pay contractors and other business partners. Bloomberg did not disclose what DLocal plans to do with the new funding.