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      <p>
        Corpay has signed a formal agreement to acquire Paymerang, an accounts payable and receivable automation platform, to expand Corpay's presence in four vertical markets: Education, healthcare, hospitality, and manufacturing. The deal is set to wrap up in the second quarter of 2024, subject to regulatory approval and closing conditions.
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      <p>
        This acquisition is expected to assist Corpay in expanding its market reach, especially in areas where Paymerang already has a strong footing with satisfied customers, ERPs, and partners. It is also set to add over 250,000 merchants to Corpay. When combined, Corpay and Paymerang are projected to process payments worth USD 120 billion annually.
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  <p>
    <a href="https://www.businesswire.com/news/home/20240508064801/en/Corpay-to-Acquire-a-Full-AP-Corporate-Payments-Company">
      Press release
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Business Expense Management

INCUMBENTS_PRESENT

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<p>Corpay has entered an agreement to acquire Paymerang, a platform specializing in accounts payable and receivable automation. This acquisition will assist Corpay in solidifying its position in four key sectors: education, healthcare, hospitality, and manufacturing. The completion of the deal is anticipated in the second quarter of 2024 and is subject to regulatory approval and closing conditions.</p>

<p>Through this business move, Corpay aims to broaden its market scope, particularly in regions where Paymerang holds a strong customer base and partnerships. Additionally, Corpay will gain over 250,000 merchants from Paymerang. The amalgamation is expected to facilitate annual payments processing valued at approximately USD 120 billion.</p>

</div>

Corpay to acquire Paymerang; aims for market presence expansion

PROMINENT_CATEGORY

<div>
    <p>TranscendAP, a technology consultancy firm, narrated its journey since 2018 of providing AI-powered accounts payable automation solutions. It recently announced the spinning off of this business unit into a separate company.</p>
    <p>The technology platform of the new spinoff company aims to boost AP automation with the integration of AI, machine learning, and other advanced features. This will, in turn, increase team productivity and cost effectiveness.</p>
    <p>The solution offered by TranscendAP is an invoice-to-pay platform, which can be customised according to the needs of the businesses. This platform highlights its features of AI-powered document capture, automated PO matching, advanced exception handling, ERP integration, and a supplier portal with self-service facilities.</p>
</div>

TranscendAP launches as standalone AP automation company

<div>

 <p>Basware, a Finnish company specializing in accounts payable (AP) automation and invoice processing solutions, has acquired UK-based cloud solution firm, AP Matching. The latter is known for managing invoices and reconciling statements.</p>
 <p>Post acquisition, Basware plans to integrate its solutions with that of AP Matching to devise a novel “automated statement reconciliation" solution. This strategy aims at curtailing errors in payments and enhancing the quality of financial data available to Chief Financial Officers. Additionally, Basware intends to incorporate AP Matching's “Managed Services” division which is an expert in automated invoice processing and providing managed data capture services tailored for SAP customers.</p>
 <p>With this strategic acquisition, Basware's objective is to expand its market portfolio and escalate the cost-effectiveness and precision of the invoice processing cycle.</p>
 <p>AP Matching has carved a niche for itself in reconciling buyer and supplier statements, its platform is adept at automatically matching invoices to customers' ERP or S2P systems. This significantly cuts down manual labour from the accounts payable team and paves the way for a streamlined invoice process.</p>

</div>

Basware acquires AP Matching to streamline invoice processing and statement reconciliation

<div>
 
 <p>Outpave, a fintech startup that focuses on spend management for trade businesses, has successfully secured USD 1.2 million in seed funding. The funding round, which was led by Fritz-Pak Corporation, aims to fuel their expansion plans across different areas of their operations.</p>
 <p>The capital garnered in this round of funding will go towards various expansion initiatives for Outpav. These will include enhancing its market penetration strategies, strengthening its sales channels, as well as the development of product features aligned with demands of the trade sector. These ambitions are representative of Outpave's commitment to establishing its brand more firmly in the market, drive sales, and ultimately provide better services to its customers.</p>
 <p>In terms of the services they offer, Outpave sits at the intersection of finance and technology. They offer solutions for expense management, with services explicitly tailored to cater to construction and residential service businesses. Their platform enables businesses to issue physical, mobile, and virtual cards on demand. This gives these businesses greater control over spending by empowering them to set rules, limits, and even certain restrictions on their transactions. To pair with this, Outpave's platform also supplies its users with real-time analytics and automated expense tracking. Additionally, it integrates smoothly with popular accounting software like QuickBooks and NetSuite, further simplifying the process of expense management and making it even more comprehensive and efficient for its users.&nbsp;</p>
 
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Outpave raises USD 1.2 million in seed funding to finance expansion initiatives

<div>

<p>Accounts payable and receivable automation platform, Paymerang, has entered a partnership with enterprise resource planning system provider, Harris ERP. The collaboration is intended to advance invoice and payment automation for local governments.</p>
<p>The aim of the partnership is to integrate Paymerang's accounts payable automation (APA) tools with Harris ERP's CitySuite system. This integration is forecasted to reduce manual AP tasks by approximately 84%, improving the efficiency of governmental finance departments significantly.</p>
<p>Claims suggest that the solution will boost protection against fraudulent activities, thereby securing taxpayer money. Additionally, the automated accounts payable process is predicted to enhance vendor satisfaction and allow for a high volume of transactions to be processed promptly and accurately.</p>

</div>

Paymerang and Harris ERP partner to provide advanced invoice automation to local governments

ANALYST_QUICK_TAKE

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<p>Jeeves, a B2B payments platform operating in Latin America, has secured a USD 75 million credit facility from Community Investment Management (CIM), an investment manager with a focus on global impact. This credit facility will support Jeeves in broadening its product suite, such as Jeeves Pay, primarily in Brazil, Colombia, and Mexico.</p>
 
<p>Jeeves Pay is now available in Brazil as a part of this expansion. This service facilitates cross-border payments across numerous countries. It also provides a BRL account for Brazilian businesses to receive and manage their funds. Jeeves has seen a 150% growth in payment volumes since its launch in Latin America.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> The latest funding round doubles down on the company's focus on Latin American markets, where it has experienced rapid growth. As of June 2023, the company revealed that around 60% of its revenue is generated from Colombia, Mexico, and Brazil.</p>

Jeeves raises USD 75 million in debt funding to expand in Latin America; Jeeves Pay launches in Brazil

<div>

<p>Pleo, a company that provides payment and expense management solutions, has secured an approximately USD 42.9 million worth of debt financing facility from HSBC Innovation Banking UK. The financing is meant for the expansion of the company's credit offering, Pleo overdraft. This service facilitates enhanced financial flexibility for businesses and augmented credit limits across Europe, initially in the Netherlands. It aims to reach new markets and currencies, acquiring new customers in the process. Pleo overdraft is currently available in Sweden, the UK, Germany, and Denmark.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> This latest fundraise builds on its Series C funding in 2021, which was reportedly the largest ever for a Danish startup, where the company was valued at USD 4.7 billion, supporting its European expansion plans.</p>

Pleo raises EUR 40 million for market expansion of credit offering

<div>
 
 <p>Swedish firm, Medius, which specializes in accounts payable automation and spend management, has forged a partnership with Open ECX, a company known for its e-trading and finance automation software. The aim of this partnership is to offer an enhanced solution for Accounts Payable (AP) automation.</p>
 <p>This collaboration brings together Open ECX's statement reconciliation features and Medius' automated AP and fraud detection platform. This combination aims to automate and simplify intricate, manual finance procedures within businesses.&nbsp;</p>
 <p>The integration of these services allows the company to deliver a comprehensive automation solution. This platform aims to enable businesses to fully optimize their operational efficiency and adherence to compliance measures.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> The latest partnership is in line with the firm's recent activities (which includes its&nbsp; <a href="https:<br>
//sp-edge.com/updates/25423https:<br>
//sp-edge.com/updates/25423"> partnership with Launchpad Technologies </a> ) to increase its partner network and expand its capabilities to provide an all-in-one integrated solution.</p>

Medius partners with Open ECX to offer advanced AP automation capabilities

<div>
 
 <p>Swedish company Medius, known for its accounts payable automation and spend management solutions, has forged a partnership with SourceDay, a firm that offers a supply chain collaboration platform. The aim of this partnership is to optimize the Procure-to-Pay (P2P) cycle specifically for distributors and manufacturers.</p>
 <p>By combining Medius' artificial intelligence (AI) driven invoice management solution with the supplier engagement tools offered by SourceDay, both existing and future customers will have the capacity to streamline their purchase order management. This is accomplished through automated invoice processing, enhanced security through the detection of anomalies, and real-time notifications to improve overall operational efficiency.&nbsp;</p>
 <p>According to the companies involved in the collaboration, this newly integrated solution can potentially lead to efficiency gains of up to 80%. Additionally, it could improve on-time delivery rates through 100% purchase order matching and minimize financial risks.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> This latest initiative compliments Medius’ partnership with <a href="https:<br>
//sp-edge.com/updates/26113"> Antaras </a> , an ERP provider in the manufacturing industry, to bring AP automation capabilities to various industries.</p>

Medius and SourceDay partner to optimize P2P operations for manufacturers and distributors worldwide

<div>
 <p>Ascend Software has collaborated with Pagero, a provider of e-invoicing solutions. The partnership will enhance invoice processing automation and compliance for users of Workday Financial Management.</p>
 <p>They plan to automate nearly 80% of supplier invoices, thus reducing manual data entry, by integrating these services into the existing financial infrastructure. This partnership emphasizes on global compliance and complete automation of the invoice process.</p>
 <p>Pagero, based in Norway, operates a Smart Business Network that facilitates the secure exchange of business documents like orders, invoices, and payment instructions. It aims to optimize order-to-cash and purchase-to-pay processes, leveraging significant and reliable data, regardless of location, industry, size, or pre-existing systems. This is achieved through its open network and associated value-added applications.</p>
</div> <p><b>Analyst QuickTake</b> :<br>
 The partnership follows Ascend Software’s launch of <a href="https:<br>
//sp-edge.com/updates/28428"> Ascend Payments </a> , where it is likely to leverage the new solution to automate payments for supplier invoices.</p>

All Updates

Corpay to acquire Paymerang; aims for market presence expansion

TranscendAP launches as standalone AP automation company

Basware acquires AP Matching to streamline invoice processing and statement reconciliation

Outpave raises USD 1.2 million in seed funding to finance expansion initiatives

Paymerang and Harris ERP partner to provide advanced invoice automation to local governments

Jeeves raises USD 75 million in debt funding to expand in Latin America; Jeeves Pay launches in Brazil

Pleo raises EUR 40 million for market expansion of credit offering

Medius partners with Open ECX to offer advanced AP automation capabilities

Medius and SourceDay partner to optimize P2P operations for manufacturers and distributors worldwide

Ascend Software partners with Pagero to automate global invoice processing and compliance

Business Expense Management

Corpay to acquire Paymerang; aims for market presence expansion

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