Today in B2B: Tech Firms’ Payment Operations Need Boost; Gig Workers Rely on FinTechs for Faster Payouts

Today in B2B payments, Thirdfort raises $20 million for its ID verification platform, and Swiftly raises $100 million in Series B fundraising round. Plus, Hopscotch launches an instant payment private beta, and only 25% of tech firms say their payment operations are “very” or “extremely” effective.

Retail Tech Firm Swiftly Raises $100M in Series B Round

Retail technology platform Swiftly snagged $100 million in a Series B funding round that it will use to offer an enhanced digital shopping experience to more brick-and-mortar retailers, capture digital advertising dollars and build customer loyalty, according to a Tuesday (March 8) press release.

Swiftly will use the new money to add staff and resources in all departments, including engineering, sales, marketing and customer onboarding. The company will also grow its product portfolio to serve more retailers, brands and their customers.

75% of Technology Firms View Their Payments Operations as ‘Somewhat Effective’ at Best

Three out of every four (75%) technology firms view their payments operations as “somewhat effective” at best, according to the Smart Receivables Playbook, a PYMNTS and Flywire collaboration.

The largest share of technology firms — 68% — view their payments operations as just “somewhat effective.” Another 7% view them as “not at all” or “slightly” effective. One out of four (25%) of technology firms view these operations as “very” or “extremely” effective.

Some universal challenges specifically affect accounts receivable (AR) effectiveness across sectors, such as payment delays and complications around processing different forms of payments. Most businesses report monthly revenue losses caused by time spent dealing with antiquated AR infrastructure and processes.

ID Verification FinTech Thirdfort Raises $20M

U.K.-based ID verification firm Thirdfort announced this week it has raised $20 million, thanks a recent investment from Breega and Element Ventures.

Thirdfort offers a risk engine for corporate clients in the legal, property and finance sectors, letting them carry out know your customer (KYC) checks and make sure they’re adhering to anti-money laundering (AML) regulations.

The firm also provides clients’ consumer customers with an app that connects the business with the customer’s bank, allowing for secure payments.

Gig Economy Businesses Turn to FinTechs to Enable Instant Payments

The next generation of small business owners, freelancers and gig workers has grown up using instant payment platforms including Venmo, giving them some expectations when it comes to the payments experience.

Hopscotch aims to meet that need by facilitating instant, fee-free business-to-business payments for small businesses and startups. The company announced the launch of its private beta on Tuesday (March 8) in tandem with a $6.1 million seed extension that brings its total funding to $9.95 million.