Enterprise resource planning system xentral announced Tuesday (Aug. 17) that it has raised $75 million in Series B funding.
The company said in a news release it will use the investment to enhance its product, hire staff and for expansion in the U.K. “to address the global cloud-based ERP market, which is expected to grow to $32 billion by 2023.”
Founded by Benedikt and Claudia Sauter, xentral provides an ERP system for startups and small to medium-sized businesses (SMBs) at a time when hundreds of thousands of businesses in Europe are venturing into a $800 billion-plus eCommerce market.
Based in Germany, xentral says its ERP solution lets these companies digitize and automate their back-end processes like procurement, packaging, fulfilment and accounting.
PYMNTS looked at the rise of ERP in a deep dive earlier this month, particularly at how they can pave the way for digital-first accounts payable (AP) and accounts receivable (AP) processes. Conducting these operations with separate teams of workers or with separate systems is becoming less and less viable.
Integrating a business’ AR and AP processes into ERP systems helps reduce complexities, simplifying employees’ access to data, which can speed the payments process. And connecting these processes to ERP systems can let companies begin to consider the benefits of other payment methods, such as A2A transfers.
“Our goal is that a business owner who decides on Friday that they need a flexible ERP can implement and configure xentral over the weekend and hand it over to their team on Monday,” said Benedikt Sauter. Regardless of their industry, he said, SMBs “can minimize administrative overhead, maximize process efficiency, and focus on building new products and services for their customers.”