With more than €130 trillion traded annually between businesses, the B2B transactions market is huge right now.
However, unlike its B2C counterpart, there has been little transformation the B2B payments space. In fact, more than 90% of transactions are still conducted offline. And over half are still paid via manual or paper based solutions. This is costing merchants time, money and customers.
Enter Fintecture, the French start-up with big plans to dramatically upgrade B2B payments.
Transforming B2B payments
The company helps companies fully digitize their payments and synchronize their data with invoicing and accounting processes.
To date, Fintecture’s payment platform has enabled over 7,000 businesses to collect payments. In addition, over 250,000 buyers have paid with Fintecture via sales channels including e-commerce, in-store, remote sales or invoicing cycle.
The result? Merchants save time, increase sales and improve their bottom line.
To continue its journey of transforming the world of B2B payments, Fintecture today announces its Series A funding round of €26 million. The round includes investors from RTP Global, Eurazeo, HEC Ventures, Allianz Trade and business angels, including Olivier Pomel, founder & CEO of Datadog and Huey Lin, funding COO of Affirm.
How they will use the funding
Fintecture’s co-founders Faysal Oudmine, Anjan Som, and Reda Charai plan to use the funding, and recently approved regulatory licenses, to further improve the payee’s user experience, payments reconciliation and ensure even more security for transactions. The company will also continue its rapid global expansion, hiring 40 new roles in the UK, France and Spain.
Speaking on the fundraise, Gareth Jefferies, European investment partner at RTP Global said: “New digital payment methods have seen slow adoption in the B2B market. This is because most don’t fit neatly into the enterprise workflows and processes that have existed for the last 60+ years.
“I was impressed by the rapid uptake of Fintecture’s truly differentiated set of payment methods. The team offer a faster and better value alternative, with instant reconciliation. What’s more, the solution fits within existing workflows, rather than seeking to disrupt them.
“It is exciting to think Faysal and the team are still at the beginning of the journey of addressing a global, trillion-dollar net revenue opportunity. We look forward to seeing what they continue to build.”