Today, in B2B payments, B2B platform Sary is expanding into Pakistan and Nigerian B2B logistics platform Kwik is raising $2 million for enhanced last mile offerings. Additionally, nearly 5 in 5 executives viewed the COVID-19 pandemic as a business challenge, and digitization is seen as one of the keys to improving working capital.
Three-quarters of CFOs view economic uncertainty as a key challenge
CFOs and treasurers say uncertainty is a major challenge to meeting all of their business needs. The Corporate Cash Management Playbook, a PYMNTS collaboration with Red Hat, Infosys Finacle and Intel, reported that 79% of executives viewed the COVID-19 pandemic and associated uncertainty as a challenge and 73% said the same. thing of global economic uncertainty.
Businesses today need to be able to maneuver quickly to find new suppliers who may require upfront payment, and their own customers may seek greater flexibility in when and how to pay. 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.
B2B e-commerce platform Sary expands into Pakistan with stake in Jugnu
B2B e-commerce platform Sary has taken a stake in Jugnu, leading its $22.5 million Series A funding round, the Riyadh, Saudi Arabia-based company announced in a Thursday 24 press release. March.
The transaction was funded through a $75 million Series C financing round and marks Sary’s expansion into Pakistan. It operates in the Middle East, North Africa and Pakistan (MENAP).
The company said its goal in 2022 is to follow its growth in Saudi Arabia last year with an accelerated regional consolidation strategy and close efficiency gaps in B2B sales in the MENAP region. Sary acquired Egyptian B2B food and grocery market MMowarrid earlier this month to expand into North Africa, where it plans to build a regional network.
84% of CFOs say digitalization improves working 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 could be partly due to the large sums of money typically involved in commercial real estate sales.
At the same time, 28% of transactions in finance and insurance are made by cheque, as are 26% of transactions in the industrial and manufacturing sectors and one-fifth of all transactions in the technology.
The use of checks for B2B payments has declined steadily overall, as have payment methods such as cash on delivery and prepaid cards. ACH payments have seen a resurgence in use as digitization makes them easier to leverage for more businesses, according to 68% of chief financial officers (CFOs) surveyed by PYMNTS. Digitization has also contributed to an increase in the use of credit cards, electronic transfers and real-time payments.
Nigeria’s Kwik raises $2m to fuel its last-mile delivery offerings
B2B logistics provider Kwik has raised $2 million in Series A funding, BizCrast.com reported Thursday, March 24.
The Nigerian and French startup said it will use the latest cash injection to fund customer acquisition, fund the expansion of operations in Nigeria and increase the number of merchants on its network to 800,000 by the end of the year.
XBTO Ventures, a cryptocurrency finance company with a venture capital arm that invests in digital assets and other startups, led the round. Existing investors also participated, including Attack Ventures, Nabuboto, Ubisoft CEO Yves Guillemot and Pulse Africa founder Leonard Steigler.