Commerzban has led a $15m series-B funding round in payments company Traxpay, with participation from existing investor Earlybird Venture Capital, hoping to see consolidation in the highly fragmented German B2B payment market.
Traxpay also announced a new partnership with MasterCard. The funding is set to be used in tandem with the collaboration to expand Traxpay’s technology capabilities and connect buyers and suppliers.
According to the payments service provider, the B2B commerce market is worth $377tn worldwide and businesses spend nearly $1tn in fees to intermediaries to facilitate payments.
Software, an enterprise management software provider based in Germany also invested in Traxpay during this round, alongside Castik Capital Partners. Castik has held a €625m first close on the firm’s inaugural fund, which has a €1bn target.
Earlybird invested approximately $3.2 million in Traxpay in June 2012 for a 25 percent stake, claiming that it saw space for consolidation in the highly fragmented B2B payment market and Traxpay was addressing the large transactional core of the payment supply chain.
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