B2B payment platform Traxpay has closed a $15 million (€11.64m) Series B round led by Commerzbank (through its corporate incubator) and Software AG. Existing investors in the shape of Berlin-based VC Earlybird and Michael Phillips of Castik Capital Partners also took part in the round.
Based in Frankfurt and Mountain View, Traxpay is hoping to be a big part of the next wave of B2B commerce innovation with the coming together of banking, enterprise data and global trade. It believes its Dynamic Payments platform can help shake up this market – which is worth a reported $377 trillion – with a cloud-based runtime and development environment and a suite of integrated B2B payment capabilities, together with a central gateway to critical value-added financial services.
To help this process, the company has also announced a partnership with credit card giant MasterCard to enable a scalable global solution connecting buyers and suppliers.
“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.”
Jason Whitmire is a partner at Earlybird, which led a previous $4 million funding round for Traxpay in 2012. He said: “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.
“Traxpay is rapidly revolutionising the industry by addressing the significantly larger transactional core of the B2B payment supply chain.”