Today in B2B payments, the B2B platform is expanding to Surrey Pakistan, and the Nigerian B2B logistics platform Kwik is raising 2 2 million for the latest milestones. In addition, nearly 5 out of 5 executives consider the COVID-19 epidemic a business challenge, and digitization is seen as a key to improving work capital.
Three-quarters of CFOs see economic uncertainty as a major challenge
CFOs and treasurers say uncertainty is a major challenge in meeting all of their business needs. Corporate Cash Management Playbook, a collaboration with PYMNTS’s Red Hat, Infosys Finacle and Intel, reported that 79% of executives considered the COVID-19 epidemic and related uncertainty a challenge and that 73% cited general economic uncertainty.
Companies today need to move faster to find new suppliers who may already need payments, and their own customers may be looking for greater flexibility in their payments. They also need to be able to find new ways to market and distribute their products and services that require digital and cross-border payment capabilities.
The B2B e-commerce platform Siri is expanding to Pakistan with a stake in Jagannath
The B2B e-commerce platform Surrey has partnered with Jogano, leading the A 22.5 million Series A round, the Riyadh-based Saudi-based company announced in a press release on Thursday (March 24).
The deal is funded by a C 75 million series C financing period and marks the development of fertilizer in Pakistan. It operates in the Middle East, North Africa and Pakistan (MENAP).
The company said its focus in 2022 is on accelerating its growth following last year’s rapid regional integration strategy in Saudi Arabia and the efficiency gap in B2B sales at MENAP. Siri acquired MMowarrid, Egypt’s B2B food and beverage market, earlier this month to expand to North Africa, where it plans to build a regional network.
84% of CFOs say digitizing improves business capital
A quarter of B2B payments are still made by check, led by commercial real estate, where 34% of B2B payments are made manually. This may be due in part to the large amount of money that is usually involved in the sale of commercial property.
At the same time, 28% of transfers in financial and insurance spaces are made by check, as 26% of transfers in the industrial and manufacturing sectors and one-fifth of all transfers in the technology space.
The use of checks for B2B payments is generally declining steadily, as are payment methods such as cash and prepaid cards. According to 68% of senior financial officers (CFOs) surveyed by PYMNTS, there has been a resurgence in the use of ACH payments as digitizing makes it easier for other companies to make a profit. Digitization has also helped with the use of credit cards, wire transfers and real-time payments.
Nigerian Quick raises 2 2 million to fuel its latest milestone delivery offerings
B2B logistics provider Kwik has raised 2 2 million in Series A funding, BizCrast.com reported on Thursday (March 24).
The Nigerian and French-based startup said it would use the latest cash infusion to fund customer acquisitions, fund expanded operations in Nigeria and increase the number of merchants in the network to 800,000 by the end of the year.
XBTO Ventures, a cryptocurrency finance company with an investment capital that invests in digital assets and other startups, led the phase. Existing investors were also in attendance, including Attic Ventures, Nabuboto, Ubisoft CEO and Yves Gillimott, and Leonard Stiegler, founder of Plus Africa.