Home Small business financing Tartan payroll platform notches $4.5 million

Tartan payroll platform notches $4.5 million


Today in B2B payments, Unilever is seeing an increase in B2B e-commerce, and a PYMNTS and Corcentric report shows rapid digitization in the financial and healthcare sectors. Additionally, Razer Merchant Services is teaming up with Atome for better BNPL acceptance, Think Big Solutions is adding a digital factoring platform, and B2B payment and billing networks are helping smaller vendors grow.

Finance and healthcare reap the benefits of rapid digitization

Although many already have a robust system in place, nearly half of companies in finance, insurance and healthcare have accelerated the digitization of payment processes and systems during the pandemic.

In fact, 48% of companies in each of these industries have accelerated payments digitization to improve their balance sheets, according to “Business Payments Digitization,” a collaboration between PYMNTS and Corcentric based on a survey of 400 chief financial officers (CFOs) who work in companies with annual revenues between $400 million and $2 billion.

By comparison, only 39% of CFOs in the travel and transportation industry, 36% in retail, and 19% of those in industry and manufacturing say their companies have accelerated the digitalization of processes and processes. payment systems.

Tartan raises $4.5 million to scale its payroll platform

Indian payroll and workforce management startup Tartan has closed a $4.5m funding round which it plans to use to expand its go-to-market operations , expand its in-house engineering team, double its headcount to 110 and improve its product offerings, The Economic Times reported on Monday (August 1).

Tartan has now raised approximately $6 million in investment funds since its inception in June 2021, according to the report. The company provides a suite of white-label application programming interfaces (APIs) to financial institutions (FIs) to access consumers’ payroll data to verify their income and employment status.

According to the report, investors leading the most recent funding round included 500 Global (formerly 500 Startups), InfoEdge Ventures and the Naval Ravikant-backed Quant Fund.

Razer Merchant Services Expands BNPL Acceptance with Atom Partnership

Malaysian-based Razer Merchant Services (RMS), the B2B arm of Razer Fintech, is partnering with Asian brand Buy Now, Pay Later (BNPL) Atome to offer flexible deferred payment options when paying at online merchants and offline, according to a press. Release.

Starbucks is among the first merchants to implement Atom’s flexible payment approach through the partnership, which was announced Thursday, July 28. Starbucks and other B2C merchants that use BNPL can make their products more accessible to consumers by using flexible, deferred payments, the statement said.

BNPL is expected to grow to $33.6 billion in 2027 from $7.3 billion in 2019 at a compound annual growth rate (CAGR) of 21.2%, according to the statement, which cites a Coherent Market Insights report.

RoadSync CEO Says Digital Payments Keep Truckers Moving

RoadSync, which automates routine expenses for long-haul truck drivers, recently launched a direct payment solution that eases the burden on the driver by streamlining the transaction between broker/carrier and warehouse trader.

The company has a network of vendors that already use its platform to accept payments, and brokers and carriers are asking for ways to make the process easier. With the new direct payment solution, RoadSync has connected its expense management platform to its mobile POS platform.

Now when drivers visit a RoadSync merchant, all they have to do is provide their mobile phone number – the system will recognize if they have a pre-authorized payment in the system and let them complete it with one click.

B2B payment and billing networks help small suppliers become bigger suppliers

B2B suppliers want to serve as many buyers as possible as more businesses move online. At the same time, these suppliers want the assurance that they can be paid in a timely manner.

Brandon Spear, CEO of TreviPay, told Karen Webster of PYMNTS in a recent interview that platforms and directories created from the data flowing on these platforms can create B2B ecosystems and cement trust between businesses.

At a high level, different sellers have different needs depending on their size, multinational character, and breadth of customer base. For small businesses in particular, there is a need to leverage working capital and credit in order to purchase inventory and hire the staff that can turn the strategy into a high-level couple. TreviPay has made its mark in trade credit with automated payments and invoicing.

Unilever sees growth in B2B e-commerce segment

Unilever saw e-commerce become a driving force in the second quarter, now accounting for 14% of revenue – a 6% increase from 2019, according to half-year results released by Unilever on June 26. This was accompanied by growth in the United States and Indian markets, although Chinese sales were affected by the COVID-19 lockdowns there in the second quarter of 2022.

The company said it posted underlying first-half sales growth of 8.1%. Growth was “broad” across all divisions, with pricing having a negative impact on some things. Homecare was particularly sensitive to this, as the segment saw rising costs and saw sales growth of 10.7%, with the highest price action. Meanwhile, food and refreshments rose 7.3%, and beauty and personal care rose 7.5%.

FinTech Think Big Solutions Offers TREDX Digital Factoring Platform

Bangladesh-based fintech Think Big Solutions is now offering a digital factoring platform to provide financing solutions to small businesses, a news article announced on Sunday (July 31).

TREDX aims to unite small businesses, financial institutions (FIs), corporations and suppliers to create an online marketplace, TREDXonline, for digital invoices. TREDX will facilitate digital factoring, i.e. real-time transactions selling approved invoices from small and medium-sized enterprises (SMEs) to FIs at a discount.

According to M Masrur Reaz, Managing Director of Think Big, SMEs account for about a quarter of the country’s gross domestic product. But many of them have limited access to formal finance. Reaz said the idea was to make it easier to access credit, since many don’t have much collateral, but also have working capital tied to bills payable by large companies.

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About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.