In an effort to bridge the gap between businesses and their banks, this week’s recently-funded B2B FinTechs are fueling growth of their technologies that integrate data via APIs and enhance financial management. More than $175 million in combined backing landed in the space, but it was one FinTech targeting its banking services to freelancers that came out on top this time.
Small business financial management technology provider SUMA, which targets customers in Spanish-speaking Latin America, recently revealed a follow-on growth investment from Riverwood Capital for an unspecified amount. With offerings that include financial planning and cash flow management, payroll, billing, financial reporting and more, SUMA deploys its technology to small and medium-sized businesses (SMBs) with a focus on scaling. The company said it will use the investment to fuel product development and grow geographically.
Also raising an undisclosed sum is Gappify, a corporate accounting FinTech that connects corporates and accounting teams to technology and human expertise to automate and optimize accounting workflows. The company said in a recent announcement that it raised equity financing from Stage 2 Capital, and will use the funding to invest in sales and marketing, as well as product development.
Sanlo takes a unique approach to small business capital management, focusing on game and app developers with its technology designed to help customers scale. The company announced $3.5 million in seed funding led by Index Ventures and Initial Capital. LVP, Portag3 Ventures and XYZ Venture Capital also participated, as did several angel investors, TechCrunch said. Sanlo said it will use the investment to expand its team and broaden its product offering as it plans for a public launch in the coming months. In addition to connecting SMBs to financing options, its technology enables firms to gain actionable insights about their own capital deployment.
Railz, which offers an API for financial institutions to connect data with FinTechs, raised $12 million in Series A funding that it will use to invest in sales and engineering teams. Nyca Partners led the latest round, while Susa Ventures, Vestigo Ventures, Entrée Capital Global Founders Capital, Plug and Play Ventures, N49P and Hack VC also participated. With a focus on enabling small businesses to unlock their bank data, Railz facilitates integration between banks and SMB accounting platforms to enhance financial visibility and management, automate reports, and provide actionable insights.
Targeting corporate treasury departments, FinLync enables corporates to embrace bank APIs and facilitate direct data integrations within corporate ERP systems to connect treasurers to real-time insights. The company secured $16 million in equity funding from Point72 Ventures, with additional support by Nyca Partners and individual investors. The funds will be used to expand FinLync’s leadership team with a focus on growing its global reach and bolstering its technology.
With $19.4 million in new funding, Relay, a small business digital banking platform, will continue to drive adoption of its financial automation technology. The company secured the Series A investment from Bain Capital Partners, with Better Tomorrow Ventures, Garage Capital, Tribe Capital, Panache and Amaranthine also participating. “Banking is still a key piece of the small-business back office that has not yet been automated or deeply integrated into the rest of financial management,” said Keri Gohman, Partner at Bain Capital Ventures, in a statement.
Banking-as-a-Service FinTech Treasury Prime announced a $20 million fundraise led by Deciens Capital and QED Investors, the company said in a recent press release. The Series B funding also saw contributions from SaaStr Fund, Pacific Western Bank, and Susa Ventures. Through partnerships with financial institutions and FinTechs, Treasury Prime enables API connectivity between financial services collaborators. The firm said it will use the funding to invest in sales, marketing and engineering team expansion, and to fuel go-to-market programs
With technology that aims to unlock the silos between accounts payable and other areas of the enterprise, Stampli offers AP automation technology that accelerates workflows like invoice management, approval and payment. The company’s technology caught the eyes of investors at Insight Partners, which led a $50 million Series C investment round in the startup, while SignalFire and Nextworld Capital, joining UpWest, Hillsven, Bloomberg and Naver Corp also participated. The company did not reveal what it plans to do with the investment.
Targeting the micro-enterprise of freelancing, Lili offers a banking solution for professionals with integrated features like expense management and access to credit. The company recently revealed a $55 million funding round, with Group 11 leading the Series B investment, while Target Global and Altair also participated. The company did not specify how it plans to use the funding, but Co-Founder and CEO Lilac Bar David told reporters that Lili is focusing on the professionals that sit somewhere “between a consumer and a business.”