B2B Payments Today: CFOs Driving Change
Today, in B2B payments, Nuula scores $ 120 million in fundraising and Banking-as-a-Service is now a $ 1 trillion industry. In addition, eBay and bidadoo team up for B2B e-commerce for trucks and equipment, “Time to yes” drops 90% with ScotPac and CFOs play an important role in digital transformation.
Commercial Lender Uses Technology to Reduce “Response Time” by 90%
A local transport company recently applied for funding through ScotPac, Australia and New Zealand’s largest non-bank lender to small and medium-sized enterprises (SMEs), knowing that the average approval time can take up to ‘to several weeks.
In this case, however, it only took 30 minutes, as ScotPac was able to sync all of the application data and provide formal approval on the same day, with funds for a $ 1 million limit facility available on the day. the following day.
The role of today’s CFO: driving change and ensuring resilience to change
CFOs have much more of a say in directing their digital transformations, according to airbase CFO Aneal Vallurupalli. While CFOs have traditionally had a more administrative role, today they are much more involved in strategic decision-making within the companies they serve.
Vallurupalli said the rush to digitize the business has created a new role for CFOs, who must prioritize which processes to automate, especially in high-growth companies.
Bank as a service provides B2B solutions for businesses of all sizes
The global Banking as a Service (BaaS) market has quickly grown into a $ 1 trillion industry, but new projections suggest this upward trend will continue – and accelerate – over the next decade. , with almost quadruple demand that could take absorption to $ 3.6 trillion. by 2030.
More than 12,000 financial startups are vying for a slice of this growing BaaS pie, PYMNTS reports, including legacy lenders who could get a cut for their oversight and regulated contributions. US lenders who offer BaaS have already generated 200 to 300% higher returns on assets than other banks by offering these back-office services to their professional clients.
eBay, bidadoo team on B2B e-commerce for trucks, equipment
eBay has partnered and invested in the truck, equipment and fixed asset remarketing and auction company bidadoo with the goal of combining eBay’s global reach and platform with the specialist selections of bidadoo agricultural, construction and transportation equipment, trucks, parts and accessories.
Bidadoo’s participation will allow a wider range of equipment available from manufacturers, governments, rental companies, contractors and financial institutions, according to a press release.
Small FinTech Nuula Secures $ 120 Million Funding
Small-business-focused Toronto-based FinTech Nuula recently raised $ 120 million in new funding, according to a company press release on Thursday, September 9, which says the money comes from equity funding. of $ 20 million led by Edison Partners and a credit of $ 100 million. facility managed by Ares Management Corporation.
Nuula’s mobile app, launched in June, offers real-time tracking of cash flow, personal and business activities, as well as ratings and reviews on social media.