Today in B2B payments, Orange Bank acquires SMB neobank, while Europe braces for a wave of supply chain finance defaults. Plus, Udaan lands funding for B2B eCommerce technology, Kofax collaborates on AP automation, and Bringg partners for B2B delivery.
As a leading European watchdog debuts more stringent standards, the financial institutions (FIs) that help support the continent’s supply chains are set to encounter a dramatic rise in soured debts, Bloomberg reported. Diego Tavecchia, a representative of the EU Federation for the Factoring and Commercial Finance Industry, told the outlet that the new regulations might categorize 15 percent to 20 percent of invoices for which factoring firms are responsible as defaulted, tantamount to as high as €25.5 billion ($31.3 billion) in soured debts. The European Banking Authority (EBA) will begin requiring companies that provide loans in the region to follow a single definition for default this year, after it saw high variances in the ways they contend with basic banking issues, Bloomberg noted.
Orange Bank has purchased the neobank Anytime, which focuses on small companies, independent professionals and associations, through a deal whose terms were not made known, according to a Wednesday (Jan. 6) announcement. “Anytime’s entry into the Orange Bank family marks a new development opportunity for us in a high-value market segment while establishing strong synergies with Orange Bank and Orange,” Orange Bank CEO Paul de Leusse said in the announcement. Orange Bank is now seeking to simplify financial management for small and medium-sized businesses (SMBs) and small offices/home offices (SOHOs) following its success in providing the general public with mobile banking offerings.
Indian B2B eCommerce platform udaan said it raised $280 million in additional funds as of Wednesday (Jan. 6), from both new and existing investors, a report in the Hindu Bisuness Line says. According to the report, Udaan plans to use the funding for reaching out to more small businesses around the country, expand its selection of products and improve the user experience, along with bolstering its technology program and supply chain finance infrastructure, and expanding SME financing capabilities. Co-Founder Amod Malviya said the company was “at the forefront of this uniquely Indian e-commerce opportunity” over the past several years and was working on an “India-first mobile-first” approach to eCommerce.
Intelligent automation software provider Kofax will integrate its ReadSoft Online platform with Microsoft Dynamics 365, letting organizations enhance their procure-to-pay workflows and automatic mission-critical processes, according to a press release. ReadSoft Online, the release stated, is Kofax’s Software-as-a-Service (SaaS) tool for invoice data extraction and automating accounts payable (AP) services. The two companies combined will offer a new service for AP departments to help reduce invoice processing time by as much as 80 percent, the release stated. With the joint solution, they’ll be able to automatically process invoice data in over 35 languages and hundreds of formats from Kofax ReadSoft.
Bringg is teaming up with Uber Technologies in a deal that will give corporate customers of the logistics software firm “seamless access” to Uber Direct drivers, the company announced Wednesday (Jan. 6). The Chicago-based startup, which works with companies looking to roll out delivery services and improve online ordering, among other things, said the partnership will cover the retail and business-to-business (B2B) sectors. The move comes as the delivery sector explodes amid surging demand triggered by the coronavirus pandemic, with a range of startups and established players scrambling to meet demand. Bringg said its new partnership with Uber will give its corporate customers greater control and input into the delivery process and the experience their customers have.