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Industry roundup: 27 August

Kyriba and Openpay partner on smarter payments experience for US corporates

Kyriba and Openpay Group have announced a strategic partnership to introduce Openpay’s OpyPro software-as-a-service (SaaS) solution for business-to-business (B2B) payments to Kyriba clients. This should help corporates to improve their working capital performance and strengthen customer relationships.

Coupled with Kyriba’s Enterprise Liquidity Management platform and working capital solutions, the OpyPro solution digitises and automates the onboarding of customers, which offers the ability to optimise new customer acquisition at scale. The self-service buyer and supplier portals reduce manual tasks and administration, providing 24/7 access to transaction, invoice and statement data. The two firms say that OpyPro improves days sales outstanding (DSO), and reduces fraudulent transactions, reconciliation time and costs.

The Kyriba partnership is Openpay’s first expansion into the US, one of the world’s largest B2B payments markets. Based on the initial client response to the new partnership, the two firms aim to offer OpyPro to Kyriba’s more than 2,000 clients worldwide.

 

Brex launches debt financing solution to help existing customers scale

US fintech Brex has launched Brex Venture Debt, a product that gives select customers access to debt financing. Brex already offers credit cards, cash management accounts, spend management, and bill pay software together in a single dashboard for its customer base of high-growth businesses. 

The fintech says that its Venture Debt solution differs from traditional bank offerings by providing customers with longer terms and a faster diligence process. Brex Venture Debt will be offered to certain customers with scalable, recurring revenue in high growth sectors including software-as-a-service, consumer, and fintech. 

"Brex Venture Debt will help power our growth," said Roberto Ortiz, co-founder and CEO of virtual events platform Welcome, one of the product’s first customers. "Brex’s offering is far more tailored to the needs of growing companies than what existed previously in the market."

 

Finexio raises US$8m to grow payments-as-a-service for procurement and AP software platforms

Finexio, an Orlando-based AP payments-as-a-service company, has announced an oversubscribed US$8m growth round. The fintech company says it will use this institutional funding to accelerate growth in key industry verticals including higher education, hospitality, healthcare, and manufacturing, board new AP and procurement software distribution partners, and expand its leadership team.

Finexio provides B2B payments infrastructure for three of the world's top 15 largest accounts payable and procurement software platforms with an install base of 150,000 potential end-user customers, US$200bn in annual AP spend, and over 3 million suppliers.

Since the onset of COVID, the fintech has increased B2B payments volume by 500% and delivered revenue growth of 161% due to its white label payment offering provided to AP and procurement software companies seeking a payments product to differentiate their service, create new revenue streams, and obtain fintech revenue multiples by investors.

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