Traxpay, a fintech startup that provides real-time financial transaction solutions to corporations, has closed $15 Million in series B funding. The round is led by Commerzbank and Software AG. Existing investors Earlybird Venture Capital and Michael Phillips of Castik Capital Partners also participated in the round.
Frankfurt-based company also announced its joining forces with MasterCard to add new channels to B2B payment solutions it offers, aiming to further converge banking, enterprise data and global trade.
Traxpay’s main product, the “B2B Dynamic Payments” platform, launched to drive innovation in payment systems which serve to a $377 trillion B2B commerce market. Consisting of a cloud-based runtime and powerful suite of integrated B2B payment capabilities, the platform provides supply chains with tools such as supply chain financing, factoring and dynamic discounting.
“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.”
Holger Werner, Head of Corporate Banking at Commerzbank and Chairman of Supervisory Board of main incubator, said B2B Dynamic Payments platform of Traxpay is a critical component of their strategy for enterprises who demand advanced business insights in real-time and the ability to analyze and make decisions quickly. He said “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.”