Today in B2B payments, Revolut launches a new solution for its business customers, and MonetaGo collaborates to combat trade finance fraud. Plus, Pioneer Bank sues over MyPayrollHR scandal, Procurement Partners secures new funding, and ImagineTime partners on FinTech for accountants.
Revolut has launched an acquiring solution for its Revolut Business starter pack, which will allow businesses in 13 European countries to accept credit card payments online. The product will feature a 1.3 percent fee for U.K. and EEA consumer cards and a 2.8 percent fee for all other cards. Revolut Business customers using paid plans will receive monthly allowances for free U.K. and EEA card payment acceptance at no additional charge, the company said on Friday (Dec. 4). Revolut, which is valued at $5.5 billion as of a funding round last February, said it expects to compete with Stripe and Adyen in the acquiring space.
Pioneer Bank has joined the number of firms filing lawsuits over the continuing and complex MyPayrollHR/ValueWise scandal, which a report from the Daily Gazette calls one of the largest in Capital Region history. The scandal caused over $100 million in losses to hundreds of businesses and individuals upon its collapse in August of last year, the report says, when their paychecks didn’t go through after CEO Michael Mann, or someone else near the top of the company, moved workers’ money into a private account used for embezzlement.
Procurement Partners, which works on procure-to-pay services for healthcare providers, has received an investment from Serent Capital, according to a press release. Serent Capital typically focuses on technology and tech-enabled services companies, and Procurement Partners utilizes an eProcurement platform in order to give customers an automated, end-to-end solution for the full purchase cycle from product selection to vendor payment. Through 100 percent invoice integration, the service boasts improvements to savings, and offers a compliance audit feature that can help vendors cut spending.
Practice management software provider ImagineTime, which works with accounting firms, has partnered with Mango Billing for a “next-generation practice management solution,” according to a press release. The collaboration aims to “increase firms’ revenue, save time and resources, boost productivity, and provide world-class support and service,” combining ImagineTime’s own secure file sharing and eSignature services with Mango Billing’s features for tracking, invoicing and scheduling, the release stated.
MonetaGo, which specializes in blockchain technologies, and GUUD Company, which focuses on making international trade smooth, have teamed up on international financial transaction security, MonetaGo announced in a press release. Both companies are based in Singapore. GUUD has significant operations across Asia, and GUUD executives have publicly announced plans to expand in the region. “GUUD’s solutions will be bolstered by MonetaGo’s Secure Financing platform, which prevents double financing and other types of trade fraud,” the announcement of the new arrangement states.