Today in B2B payments, payments data allows B2B sales forces to personalize their pitches. Plus, Pakistani eCommerce startup Dastgyr raises a country-record $37 million in its Series A funding round. JP Morgan transforms cash flow visibility using artificial intelligence and real-time data.
Payments Data Gives B2B Sales Forces Power to Personalize
Manual business-to-business payment processes can’t integrate information directly into accounts payable (AP) and accounts receivable (AR) systems, meaning such methods not only increase the risk of errors but also miss the opportunity to capture valuable customer data and measure trends and patterns, according to the “B2B Digital Payments Tracker,” a PYMNTS and American Express collaboration.
This customer data is vital to streamlining the B2B buying experience and increasing personalized sales interactions.
For suppliers, there is a growing need to provide better visibility and efficient processing, as well as a simpler way to close out their books across several payment types and receipts, Trina Dutta, VP and general manager, B2B payments automation, global commercial services at American Express, told PYMNTS in a May interview.
VC Firm World Innovation Lab Raises $1B for Japan-Focused Tech
World Innovation Lab, a venture capital firm that invests in software as a service (SaaS) companies in the business-to-business (B2B) market, on Tuesday (June 14) announced it raised $1 billion in new capital, with plans to disseminate the money across multiple funds including WiL Ventures III, a growth fund; WiL Strategic Partners funds; and corporate venture capital funds. Its total commitments stand at $1.9 billion.
Although World Innovation Labs is global, the fund focuses on investments in Japan and has offices in Tokyo. It teams with limited partners at large Japanese corporations and government agencies. The firm said that its goal is helping companies based in the United States and Europe scale in Japan, while also funding early-stage Japanese startups.
The firm reported having funded 15 companies that met the unicorn goal, or $1 billion in market capitalization.
JPMorgan Taps AI, Real-Time Data to Make Cash Flow Transformation a Reality
Greg Kerwick, head of client solutioning for JPMorgan Chase’s Commercial Banking business, told PYMNTS CEO Karen Webster that executives — both within treasury and across the C-suite — have become more aware of how money is flowing into and out of their enterprises.
The urgency to have better visibility into cash positions is mounting, especially in the current macro environment, where interest rates are soaring. It becomes nearly impossible to manage a business if the chief financial officer and the treasury operations do not know how much cash is available or will be available in the future, he said.
Legacy Cash-On-Delivery Process Hinders Growth of MENA P2P Payments
Peer-to-peer (P2P) payments platforms including Venmo, PayPal and Cash App have risen in popularity in recent years, providing rapid, convenient solutions that enable customers to send and receive money anywhere and anytime.
United Arab Emirates (UAE) FinTech Mamo is contributing to that growing trend in the Middle East and North Africa (MENA), where disrupting the cash-on-delivery process that still prevails in the region’s economies is required to drive P2P payment growth for individuals and small- to medium-sized businesses (SMBs).
Pakistan B2B eCommerce Startup Dastgyr Raises $37M
B2B eCommerce startup Dastgyr Technologies has set Pakistani fundraising record after its $37 million Series A round, Bloomberg reported Monday (June 13).
Dastgyr, which means “helper,” wants to create an eCommerce platform similar to Alibaba for emerging markets. It serves more than 217 million customers in nine countries and is the largest mobile phone service provider in Pakistan, according to the report.