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B2B Payments Today: Cannabis Digital Infrastructure Growing; Data Shows SMBs Turn To Digital

Today in B2B payments, cannabis digital infrastructure platform Jane Technologies raises $100 million in Series C funding. Plus, data shows Main Street small businesses turned to digital to boost sales and Finexio is enhancing its accounts payable software with $8 million in fundraising.

Cannabis Digital Infrastructure Startup Jane Technologies Closes $100M Series C

Startup Jane Technologies raised $100 million in a Series C funding round led by Honor Ventures, bringing its total funding to about $130 million for its cannabis digital infrastructure.

Jane Technologies powers about 20 percent of all legal marijuana transactions in the U.S. and over 700,000 stock-keeping units (SKUs) in the sector, according to a press release on Wednesday (Aug. 25). The company said it plans to use the fresh infusion of capital to grow its footprint in the space.

Two-Thirds of Main Street SMBs Got 2021 Sales Lift From Digital Payment Innovations

Based on data from a new PYMNTS survey, most small and medium-sized businesses in the U.S. believe their bottom lines and the local economy won’t return to pre-pandemic levels until the coronavirus subsides and people are vaccinated.

In “The Digital Transformation Of Main Street SMBs,” PYMNTS surveyed 638 small and mid-sized businesses with brick-and-mortar stores in commercial districts across the United States to find out how far they think they are from recovering from the pandemic’s impact, what is needed for their local economies to recover and how they are using digital to boost their revenues.

Finexio Raises $8M To Build Out AP Software Suite

Finexio, an accounts payable (AP) Payments-as-a-Service (PaaS) company, announced an oversubscribed $8 million funding round, according to a press release.

The Orlando-based supplier of AP software platforms will use the money to continue growth in multiple verticals — including higher education, hospitality, healthcare and manufacturing — and also to partner with new AP and procurement software distributors and expand its leadership team.

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