Transigo says it will use the funding to expand into Asia and other markets with its online point-of-sale technology for cross-border B2B marketplaces.
Financing of commerce transactions is becoming big business in B2B marketplaces. And that flurry of B2B buyers looking for short-term financing for making digital purchases on marketplaces is catching the eye of ecommerce investors as well.
A case in point is Transigo, a provider of software-as-a-service (SaaS) applications that enables cross-border B2B marketplaces to provide point-of-sale financing to its buyers.
The company, based in Richmond, Virginia, has raised $70 million in new working capital from a pair of Israeli companies: E.N. Shoham Business Ltd. and Nawi Brothers Group Ltd.
The influx of cash will allow Transigo to expand its point-of-sale SaaS platform to major B2B marketplaces in Asia in the first quarter of 2022,” says CEO Nir Tal.
“Cross-border B2B ecommerce is booming, with the market in China alone expected to hit almost $1 trillion in 2022,” Tal says. “However, lack of credit is limiting growth, and this is especially the case in Asian B2B marketplaces, which typically provide zero credit terms.”