Today, in B2B payments, Happiness Development signed a direct $6.7 million bid for a B2B automotive company, and decentralized marketplaces and local skills are driving European B2B wholesale e-commerce. Additionally, digital bank Lunar raises $76 million in fundraising.
Happiness Development Unveils $6.7M Direct Offer for B2B Automotive Businesses
Auto retail and e-commerce company Happiness Development Group Limited on Friday (March 11) signed a securities purchase agreement with overseas strategic investors for a registered direct placement of approximately $6.7 million, according to a press release. of the society.
As part of the deal, Happiness Development will sell 19.2 million shares of Class A common stock at 35 cents each. The company will use the gross proceeds from the sale to expand its automotive business under the Taochejun brand and to increase working capital for general purposes.
83% of businesses say APIs are critical to their strategies
Application programming interfaces (APIs) play a central role in orchestrating payments as they connect merchants and a host of payment service provider options. More than four in five companies (83%) consider APIs essential to their strategies in the next year and beyond, according to Accelerating The Time To First-Time Payments, a collaboration between PYMNTS and Spreedly.
Key API use cases for these companies include integrations with payment gateways, fraud management tools, and other technologies. APIs are also a key driver of automated services, such as payment compliance detection, especially as it relates to e-commerce.
Lunar digital bank raises $76 million
Digital bank Lunar has closed a $76 million (€70 million) Series D-2 fundraising round, the Scandinavian company announced in a blog post on Friday (March 11).
The latest funding round brings Lunar’s Series D funding to $307 million (€280 million) and will help it continue its expansion in the region.
Lunar began as a personal finance management solution for individuals and businesses, but has evolved to provide these customers with payment, banking and investment services. It also recently launched a blockchain division and a crypto platform in what it says is an attempt to provide Nordic customers with easier crypto trading.
Addressing the Spend Management Data and Visibility Gap
Glean AI announced Tuesday, March 8 that it has raised $10.8 million in seed funding that will enable the company to accelerate its growth and technology.
Glean AI has developed an Accounts Payable (AP) platform that uses machine learning to analyze transaction conditions, item purchases, redundant opportunities, and trading opportunities.
The platform compares last month’s spend to this month’s, shows which line items have changed, tells them if other Glean AI customers are paying less for the item, and flags which items the customer might be able to negotiate harder.
Decentralized marketplaces and local skills drive wholesale B2B e-commerce in Europe
The fast-growing wholesale marketplace Ankorstore, founded in 2019 in France, is working to overcome the high fragmentation of the European market, which forces platforms to decentralize their operations and acquire local knowledge and expertise that can enable them respond effectively to local needs in the various markets.
Marketplace differences aside, trying to disrupt the traditional wholesale market and convince brands and retailers to change the way they think about buying and selling wholesale can be difficult for a young, fast-growing company like Ankorstore.
The company has earned the trust of over 16,000 brands and 200,000 retailers across Europe who have listed over a million products on the platform to date.