Alternative Payments raises USD 22 mln to transform B2B payments

This capital infusion will help accelerate the company's efforts to digitise and automate payment workflows in traditionally underserved industries, such as IT service providers, managed services providers, and blue-collar sectors.

Alternative Payments aims to transform outdated payment processes within industries that have historically been overlooked by fintech innovation. The company's platform offers a comprehensive, automated solution to simplify accounts receivable, merchant services, and client-facing financing. With a focus on modernising the payment experience, Alternative Payments provides an alternative to traditional legacy systems that often hinder operational efficiency.

Tackling B2B payment challenges

The company aims to resolve several common pain points in B2B payments, including delayed invoice processing, poor invoice deliverability, reliance on paper-based systems, and cross-border payment friction. The B2B payments landscape has long been underserved by modern fintech solutions, with many industries still relying on outdated systems for managing accounts payable and receivable, as well as cross-border transactions. While consumer payments have seen rapid innovation with the rise of mobile wallets and digital payment platforms, B2B sectors, particularly those in industries like IT services, managed services, and blue-collar sectors, have struggled with inefficient processes.

Manual workflows, paper-based invoicing, and slow settlement times have traditionally been the norm in these industries, leading to cash flow challenges and operational inefficiencies. Furthermore, cross-border payments continue to be a major pain point for businesses, with high fees, long processing times, and regulatory barriers hindering smooth transactions. These challenges have made it difficult for many businesses to scale effectively and take full advantage of global commerce opportunities.

The funding will enable Alternative Payments to scale its go-to-market team, accelerating its global expansion efforts. As the company continues to evolve, it plans to improve its payment solutions and build infrastructure that supports simple, secure transactions for underserved industries.