Traxpay, a B2B payment business, has closed $15 Million in series B funding. The oversubscribed round was led by the corporate incubator of Commerzbank and Software AG with existing investors Earlybird Venture Capital and former senior Apax partner, Michael Phillips of Castik Capital Partners, also participating in the round.
Traxpay, the leader in B2B Dynamic Payments, today announced that it has closed $15 Million in series B funding. This oversubscribed round was led by main incubator, corporate incubator of Commerzbank (XETRA: CBK), and Software AG (XETRA: SOW) with existing investors Earlybird Venture Capital and former senior APAX partner, Michael Phillips of Castik Capital Partners, also participated in the round. In addition to the capital raise, Traxpay also announced its joining forces with MasterCard (NYSE: MA) to enable a scalable, global solution connecting buyers and suppliers. The funding and collaboration of these industry leaders with Traxpay will accelerate the delivery of technology and solutions that will shape the next big wave of B2B commerce innovation – the convergence of banking, enterprise data, and global trade.
Traxpay’s B2B Dynamic Payments platform, launched to drive the next wave of innovation in the $377 trillion B2B commerce market, consists of a robust cloud-based runtime and development environment and powerful suite of integrated B2B payment capabilities, as well as a central gateway to critical value-added financial services. With unmatched transparency, flexibility, and control over complex B2B transactions, Traxpay provides supply chains with powerful new integrated tools such as supply chain financing, factoring and dynamic discounting that will enable them to better predict and optimize their business.
“Traxpay is transforming the way that B2B companies collaborate, interact, and transact by connecting and streamlining financial flows, enterprise data, and business logic across our award winning B2B Dynamic Payments platform,” said John Bruggeman, CEO of Traxpay. “Linking arms with global industry leaders in banking, FinTech, and Big Data will help to accelerate our vision, and more importantly, enable our customers do business in fundamentally new ways.”
“Traxpay and its B2B Dynamic Payments platform have the potential to transform the way that companies transact”, said Hany Fam, President of MasterCard Enterprise Partnerships. “Through MasterCard’s global network, together, we have the ability to deliver a commerce experience that is more seamless and more efficient for companies of any size.”
“Unlike the consumer market (B2C) where payment service providers such as PayPal have created highly scaling online models that continue to disrupt the status quo, the enormous B2B payment space has remained a highly fragmented market,” said Jason Whitmire, Partner at Earlybird. “Traxpay is rapidly revolutionizing the industry by addressing the significantly larger transactional core of the B2B payment supply chain.”
“Commerzbank is committed to staying at the forefront of innovation, continually offering powerful, new financial solutions that enable global companies to be more competitive and more profitable”, said Holger Werner, Head of Corporate Banking at Commerzbank and Chairman of Supervisory Board of main incubator. “Traxpay, and its B2B Dynamic Payments platform, is a critical component of our enterprise strategy, and paves the way for a unique suite of commercial products that will revolutionize B2B commerce for all of our clients large and small.”
“With enterprises demanding advanced business insights in real-time, and the ability to analyze and make decisions quickly, we see B2B financial transactions as one of ultimate Big Data opportunities”, said Frederic Hanika, Head of M&A and Corporate Ventures at Software AG. “Traxpay’s ability to combine enterprise data, financial flows, and supply chain interactions in a single cloud-based solution is the Holy Grail, and puts them in a unique position to enable enterprises to not only collaborate more effectively and gain unparalleled insight into their operations, but also to achieve business outcomes faster than ever before.”
“Digital disruption is transforming the banking landscape dramatically. We respond to these changes by supporting visionary and game changing solutions” said Christian Hoppe, Founder Director and CEO of main incubator, Commerzbank’s corporate incubator. “We are delighted to enable Traxpay to grow within the German and global markets and therewith transform B2B transactions fundamentally.”
Established in 1997 Earlybird has raised over €700 million ($900 million) in fund commitments. We have backed more than 100 companies, some of which have sparked significant innovations in business and technology and resulted in large scale ($1bn+) IPOs and trade sales. Earlybird backs European companies with global ambitions and our active portfolio currently includes 32 companies across the consumer Internet and enterprise services space.