Today In B2B: Melio Raises $110 Million; Expensify Upgrades Invoicing Tech

Today in B2B payments, Melio secures funding for its B2B payments technology, while Expensify enhances its invoicing capabilities. Plus, Volvo collaborates on service and repair B2B payments, ClassWallet launches maintenance expense technology and Corcentric unifies previous acquisitions.

Melio Notches $110 Million To Digitize SMB Payments

Melio, a digital payments company for small and medium-sized businesses (SMBs), has raised an additional $110 million in funding, putting its valuation at $1.3 billion, the company said in a press release Monday (Jan. 25). The latest funding round was led by Coatue. Investors from previous rounds include Accel, Aleph, Bessemer Venture Partners, Corner Ventures, General Catalyst and Latitude. In 2020, Salesforce and American Express Ventures had also invested.

Expensify Upgrades Invoicing Feature To Help Manage AR

To help customers handle their accounts receivable (AR) while conserving time and financial resources, pre-accounting technology company Expensify unveiled a bolstered invoicing feature. The upgrade comes on the heels of the company announcing support for bill payments, according to a Monday (Jan. 25) press release. Expensify’s SmartScan technology gets information from supplier bills for approval and payment with the same infrastructure developed for expenditures.

Volvo Teams With Payer For Service And Repair B2B Optimization

Volvo Financial Services (VFS), the captive financing arm of Volvo Group, has announced that Payer will help it optimize payments and improve the customer experience for auto service and repairs, a press release says. Payer works in payments technology. The release notes that the increasing globalization of the world has posed challenges for the international transport community. VFS says the challenges come in the way of the workshops charging long-haul companies for repairs in foreign countries when the driver is the sole representative there.

ClassWallet Unveils Expense Tool For School Maintenance

Miami-based FinTech ClassWallet has grown its classroom expense management offering to help with the requirements of custodial and maintenance workers in primary and secondary schools, according to a Monday (Jan. 25) announcement. “We’re making it easier for school employees charged with maintaining school facilities to obtain the supplies they need while automating the reconciliation of their day-to-day spending in a completely paperless manner,” ClassWallet CEO and Co-Founder Jamie Rosenberg said in the announcement.

Corcentric Unifies Former Acquisitions Under Its Own Name

Business spend management provider Corcentric has rebranded three companies it had previously acquired under its own moniker, including source-to-pay provider Determine, eBilling provider Netsend and Source One, which works in strategic sourcing, according to a Monday (Jan. 25) press release. The new version of Corcentric, according to the release, will aim to reduce operating costs and allow for new potential in enterprises.