Seven months after its launch, French FinTech Hero has raised 12.4 million euros ($12.49 million) to upgrade its B2B payment solution.

According to a Wednesday, July 13 report by FinTech Magazine, Hero’s payment solution is aimed at small and medium-sized businesses (SMBs), which the company says are underserved by traditional banks.

To serve these customers, Hero said it is building a payment platform that allows business customers to handle both sides of a transaction, including provision to payment for customers and order to payment. for suppliers.

“Hero started out as an intermediary for B2B transactions, taking on the financial and credit risk of both counterparties and helping them optimize their cash flow,” founder Roland Jais-Nielsen told FinTech Magazine.

“We quickly realized that reducing transaction costs for SMBs also meant better underwriting, centralization of all sales channels and payment methods, third-party integration and end-to-end automation. We built Hero around this holistic vision.

Read more: BlackFin closes €350m fund for European FinTechs and InsurTechs

In other recent B2B financing news, BlackFin Capital Partners announced on Monday July 11 a second closing, for 350 million euros (351 million dollars), of its Tech 2 fund, dedicated to FinTechs and InsurTechs in Europe.

The fund is now twice the size of its predecessor and will soon be invested in other companies.

The company’s first fund, Tech 1, raised €178 million in July 2018. This fund has invested in 17 European technology companies.

The new fund’s first investment has already been made in Descartes Underwriting, a Paris-based B2B InsurTech specializing in corporate insurance.

Related: AgriTech Market Vegrow raises $25 million for expansion

Also on Monday, Vegrow, an Indian B2B AgriTech fruit marketplace, announced plans to expand following a $25 million Series B funding round.

Founded in 2020, Vegrow connects several players in the fruit industry, working with wholesalers, semi-wholesalers, modern trade and general trade and more than 20,000 farmers.

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.