Today in B2B payments, Novo enhances its functionality for small businesses, DBS completes a blockchain trade finance transaction, and upSWOT secures funding for its SMB banking technology. Plus, Batumbu lands a digital lending license, and global banks improve their outlook.
Novo Rolls Out Invoicing, Budgeting With SMB Banking Offering
upSWOT Raises $4.3 Million Toward SMB Banking Help
FinTech platform upSWOT, which works to help financial institutions service small to medium-sized businesses (SMBs), has come off a seed round with $4.3 million, a Monday (March 15) press release said. The release said the round comes amid support from multiple venture capital firms and over 50 prominent angels and industry operators.
Batumbu Approved For Digital Financing License
Batumbu, the Indonesian subsidiary of Southeast Asia-based small business financing platform Validus, has now been approved as a licensed digital financing platform, according to a press release. The Indonesian Financial Services Authority (OJK) granted the license after a “detailed and thorough” licensing process, and the approval reflects “strong commitment to empower Indonesian micro, small, and medium enterprises’ (MSMEs’) growth through sustainable and fast financing.”
DBS Conducts Trade Transaction On Trusple Blockchain System
Banks’ Outlook Improves As Economy Bests Worst-Case Forecasts
Banks set aside billions of dollars to cover expected losses due to the economic collapse triggered by the pandemic. But the worst-case scenarios did not materialize, which means some of that cash can now be turned into profits, The Wall Street Journal reported on Monday (March 15). The stimulus packages passed by Congress — including the recent $1.9 trillion in aid — has helped to curb the surge in unemployment that threatened to further undermine the economy. Other good signs are that the economy has outperformed banks’ internal forecasts and that vaccine campaigns are revving up.