Today In B2B: Corcentric Buys B2B Payments Network; Atom Taps Plaid For SMB Banking

Today in B2B payments, Corcentric announces a B2B payments acquisition, and Atom bank partners with Plaid for small business banking. Plus, iwoca integrates with Xero, GoFor collaborates on B2B payments for the construction industry and Freshworks considers going public.

Corcentric Buys B2B Payments Network Vendorin For $100 Million

Corporate expense and revenue management company Corcentric has acquired Vendorin from Juvo Technologies for a $100 million purchase price. The purchase was financed with funds on hand after Bregal Sagemount’s investment last May, according to a Tuesday (Feb. 16) announcement. Morrison & Foerster and U.S. Bancorp Investments advised Vendorin, while Kirkland & Ellis and BofA Securities advised Corcentric, the announcement stated.

Atom Collaborates With Plaid On SMB Open Banking

To launch open banking services for its clients, British financial institution Atom is teaming with open finance platform Plaid. The latter company lets clients provide their banking data to Atom, allowing for a faster response to requests for loans, according to a Tuesday (Feb. 16) announcement. “We always want to make things simple and easy for our customers and take away the hassle and frustration. This is why we’re so excited to work with Plaid as part of an exciting [program] of new business banking product launches and service improvements in 2021,” Atom Bank Chief Customer Officer Edward Twiddy said in the announcement.

iwoca Integrates With Xero For SMB Pay Later Option

iwocaPay will be integrated into Xero’s payment platform, a press release says, which will give small businesses a Pay Later option. iwocaPay, launched in June 2020 as an invoice payment product, aims to help customers and small and medium-sized businesses (SMBs) with cash flow and to get small businesses the ability to pay upfront or spread the cost over 90 days.

GoFor, QuoteToMe Team On Construction B2B Digitization

GoFor Industries, which works as a last-mile, on-demand, same-day delivery logistics marketplace, is partnering with QuoteToMe, which works on digitizing procurement and finances for the construction industry, a press release says. QuoteToMe, according to the release, automates purchasing and financial transactions for companies that work with providing construction equipment. The release says this service helps to alleviate inequalities in the industry.

SaaS Firm Freshworks Hits $300 Million In Annual Sales, Eyes IPO

San Mateo, California-based Freshworks said Tuesday (Feb. 16) that it has reached $300 million in annual recurring revenue, or subscription revenue, which amounts to a 40 percent growth in 2020 compared to the previous year. Meanwhile, the company has its sights on having an initial public offering (IPO). In a press release, the company said the “record” 2020 year included new product offerings along with “strategic acquisitions” aimed at accelerating its artificial intelligence (AI) efforts. The company, which provides software as a service (SaaS), competes with Salesforce in such areas as customer relationship management and call center management.