Today in B2B payments: Morroccan startup Chari.ma acquires a mobile credit booking app in a fundraising effort, and wherEX gets a boost from BNPL. Plus, Klara unveils the Modmed pay interface and Zeal raises $13 million in Series A funding.
Businesses and consumers alike are heading online to fulfill more of their banking and payment needs, with individuals increasingly using digital tools to send money or pay their rent, utility and other bills.
One September study found that 62 percent of consumers paid such bills through biller, bank or third-party websites the prior year, accounting for 9.5 billion bills. The events of the past year had a notable effect on businesses adopting such payment tools. One August 2020 study found that 57 percent of small to medium-sized businesses (SMBs) had expanded their use of digital B2B payment services as of the pandemic’s onset.
wherEX Co-founder and Head of Growth Benjamin Garcia said that eSourcing “has really taken off … because we give the ability to these companies to do specific quoting of their products and services. Whatever they need is what is quoted, and the suppliers then come and bid for it.”
Garcia said in an interview with PYMNTS there’s “a lot of pain in going through the payment process” in eSourcing. Ninety-nine percent of B2B payments in Latin America, where whereEX does most of its business, happen electronically between the bank accounts of the purchaser and the buyer.
Klara, a producer of platforms to let medical practitioners interact with patients via the internet, and payments systems provider Modernizing Medicine have inked a deal to pair some of their offerings, the companies announced in a press release.
The new service will work through several steps: Medical practices will send patients links via text. Those links will allow for the storage of credit card data by Klara, with practices getting access via secure tokens to the information they need for billing.
Chari.ma, a Moroccan company that supplies some of what the company stated are 200,000 convenience stores in the country, has completed an acquisition and raised capital, according to published reports and news releases.
Chari.ma has acquired Karny.ma, a company that helps convenience stores use smartphones to manage credit arrangements with customers, according to Disrupt Africa. Karny.ma has about 15,000 convenience store customers.
Application programming interface (API)-first payroll infrastructure provider Zeal has ended a Series A funding round with $13 million, according to a press release.
Zeal works in the embedded finance ecosystem and lets platforms build individualized pay platforms, the release stated. The new capital will be used to grow the company’s team and scale the product to help meet new levels of demand