Today in B2B: Carsome Won’t Go Public This Year; Nibble Health’s Seed Round Brings in $8.5M

Today in B2B payments, virtual cards are becoming a more popular form of B2B payment, while auto parts buyers and sellers are more connected thanks to payment technology advances. Plus, TradeLink nails down $12.6 million in Series A funding for supply chain network growth.

Virtual Cards Gaining Ground on ACH in B2B Payments

The accelerated digitization caused by shutdowns and operational restrictions during the pandemic inspired a series of financial experiments, many of which have shown that they have proven staying power.

For example, 55% of chief financial officers (CFOs) now say ePayables with virtual cards are used more frequently than they were before the pandemic because of digital innovation, according to the “B2B Digital Payments Tracker,” a PYMNTS and American Express collaboration.

While automated clearing house (ACH) transfer remains the most sought-after electronic payment processing tool, 28% of company leaders also plan to invest in virtual cards in the near future.

Malaysia’s Carsome Group Puts Brakes on US-Singapore Dual Listing

Carsome Group is putting off plans to dual list as a publicly traded company on exchanges in the United States and Singapore because executives are concerned a decline in global financial conditions could reduce valuations for the used-car marketplace, Bloomberg reported Tuesday (June 21).

Carsome, according to Bloomberg, is the most valuable privately held company in Malaysia.

Bloomberg cited anonymous sources as having said the company could revive plans for an initial public offering in 2023, based on market conditions. A Carsome spokesman declined to comment on the matter of the listing.

German Supply Chain Platform TradeLink Nets $12.6M in Series A Funding

TradeLink, the supply chain optimization platform that streamlines warehouse operations, announced that it had secured 12 million euros (about $12.6 million) in Series A funding.

The Munich-based startup positions its platform as an alternative to clunky and time-consuming manual logistics management by automating the coordination of deliveries between relevant stakeholders. By allowing partners to book their own delivery slots and synchronizing all information in real-time, TradeLink eliminates bottlenecks and gives managers access to key data in a single place.

Nibble Health Raises $8.5M in B2B Healthcare Payments Seed Round

B2B healthcare payments platform Nibble Health has finalized an $8.5 million seed funding round that will help to streamline the healthcare payments process with the use of installment payments, according to a Tuesday (June 21) press release.

Two-thirds of all personal bankruptcies in the U.S. are caused by medical debt, about half of patients need financial assistance for bills of more than $500, and at least one-third of patients delay care because they don’t know how they’re going to pay for it, the release stated.

Nibble Health helps organizations offer zero-interest, zero-fee healthcare financing as an employee benefit, allowing employees to use their Nibble Health card to pay for out-of-pocket healthcare expenses in free installments over time, according to the release.

Platforms Help Auto Parts Sellers, Buyers Stay in the Loop

Like many industries, auto parts retailing is seeing a digital transformation driven by sellers’ need for efficiency and buyers’ need for streamlined purchasing and regular updates on delivery status.

RevolutionParts helps automotive original equipment manufacturers (OEMs) and retailers sell parts by supplying them with parts cataloging and an eCommerce system that includes payments. The company aims to be a digital link to the end consumer even in cases where the initial contact comes through another channel.