Discover more from Tracking Payments
Tracking Payments - Issue #6
CFO’s finally get the software they are due.
+ A16z: The CFO in Crisis Mode: Modern Times Call for New Tools. “Today’s CFO is expected to be part data analyst and part systems architect, stitching together piecemeal data from rudimentary software products.”
+ Accounting Today: Bill.com’s acquisition of Divvy for $2.5 creates a one-stop shop to automate payables, receivables, expenses and payments for nearly 200,000 businesses and 2.5M payees. This is the latest move that gives corporate CFOs more control...and value...in managing their cash and payment systems relationships.
Some other highlights:
+ Bank of America: Bank of America’s Complete AP Helps Transform a Company’s Accounts Payable
“Bankers, once kings of capital, may be dethroned by payment platforms”
+ Economist: How fintech will eat into banks’ business, “A bank’s advantage lies in having deposits to exploit, even if they do not know whom they should lend them to. Tech firms’ advantage is that they know whom to lend to, even if they do not have the funds”.
+ CommerceVC’ analysis showed that fintechs are surpassing incumbents market caps. At $97B, Square is worth more than FIS, Fiserv or Global. At $95B Stripe is the largest private tech company in America. And PayPal doubled in market value over the past year to more than $310B, making it the world’s most valuable payment platform.
Incumbents trying to stay competitive.
+ Goldman Sachs: Why We’ve Moved Into Banking as a Service, “Our fintech-like platform gives us better technology than the large banks, and our banking expertise gives us financial capabilities that the small banks and fintechs can’t offer.”
Latest Funding, Acquisitions and IPOs: