German business-to-business (B2B) payment platform providerTraxpay has announced that it has raised $15 million in Series B funding led byCommerzbank’s main incubator and Software AG as well as Earlybird and CastikCapital.
Traxpay, hoping to become the PayPal of the B2B space hasalso announced a new partnership with MasterCard that will see Traxpay workwith the global card network to help build out its international paymentnetwork. By partnering with MasterCard, Traxpay will be able to access 22,000financial institutions across 150 countries providing the scale the companyneeds to expand beyond its traditional European base.
Commenting on the announcement with MasterCard, CEO JohnBruggeman said, “Customers want to complete payments outside the Eurozone. Ourcustomers want us to go global. We are going to be in the U.S. by early nextyear and Asia by early next year.”
While many payment platform providers like PayPal have beensuccessful in targeting consumers, the B2B space has largely been a secondthought. However with new providers like Traxpay emerging into the marketplace,businesses around the world will soon be able to enjoy the benefits consumersalready do through trusted payment service providers.
Overview by Tristan Hugo-Webb, Associate Director of International Advisory Service for Mercator Advisory Group
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