B2B payments startup Traxpay has raised £15 million in a series B funding round led by the incubation unit of Germany's Commerzbank, and announced a four-year relationship with MasterCard as it bids to achieve global scale.
Germany-based Traxpay has so far been mainly active in Europe, claiming customer numbers in 'the hundreds'.
The Traxpay system comprises a real-time payments platform with a configurable workflow engine that monitors any changes in the who, what, when, where, why, or how of a transaction, while keeping all related data, business logic, and the payment itself synchronised between all parties. A suite of integrated tools include support for supply chain financing, factoring, and dynamic discounting, among others.
The series B funding follows an earlier $5 million round and was joined by Software AG and previous investors from Earlybird Ventures and Castik Capital Partners.
As part of the transaction, Holger Werner, EVP and head of corporate banking for Commerzbank and Frederic Hanika, SVP of M&A and Corporate Ventures for Software AG have joined Traxpay's board.
Says Werner: "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 revolutionise B2B commerce for all of our clients large and small."
The company is aiming at the complex $377 trillion B2B commerce market and sees its tie-up with MasterCard as a critical element in is quest to meet multi-national client demands for expansion into the US and Asian markets.
Hany Fam, president of MasterCard Enterprise Partnerships comments: "By combining MasterCard's global network with the Traxpay Dynamic Payments platform we are able to deliver a seamless commerce experience that is more efficient for companies of all sizes and has the potential to transform the way that companies transact."