Today in B2B payments, Beacon adds $50 million for product development and expansion, and Rabbet‘s CEO discusses how to solve the $100 billion construction industry payments problem. Plus, Emlen will put $4.2 million in new funding toward a B2B buyer experience with Netflix undertones, and the founder of Payslip talks to PYMNTS about ways for companies to resolve new payroll problems through standardization.
Saarbrücken- and Berlin-based Software-as-a-Service (SaaS) startup Emlen recently closed a 3.6-million-euro (about $4.2 million) funding round and plans to use the capital create a “Netflix-like” B2B buyer experience.
Co-Founder Marc Grewenig said the company’s goal to make the B2B buying experience more like B2C.
Supply chain logistics startup Beacon recently raised $50 million in Series B funding to help deal with growing demand, according to Sky News, in a round led by Northstar.vc and Upper90.
London-based Beacon uses artificial intelligence and cloud technology to streamline operations for companies organizing international trade through global ocean, air and road freight, customs clearance, insurance and supply chain finance.
Beacon plans to use the new funding to expand the company workforce, develop new technologies and expand into new markets.
As businesses have expanded internationally and taken on remote employees in new cities and countries, a payroll problem that carries a mix of compliance and complexity has emerged for many companies.
Businesses of all sizes are trying to make sure all their global payroll systems are standardized and that they can pay people on time, Fidelma McGuirk, founder and CEO of Payslip, told PYMNTS Editor-in-Chief Matt Nesto.
A vast majority of subcontractors get paid far beyond their net-30 terms, according to reports from construction finance platform Rabbet. Almost half wait up to 90 days to receive the funds they are owed, and this inability to get money to the right people on time is costly, and in some cases, fatal to smaller companies. All told, it could be a $100 billion problem in the construction industry.
FinTechs have started innovating with push payments, same-day payments and ACH credit cards and have successfully shortened the time, but the inconsistency in the internal structure remains a bottleneck.