Saturday 22 October 2022 | No. 41
XU Biweekly The independent news source for Xero users, by Xero users
Xero is named one of the UK’s ‘Best Workplaces’ for women M & in the tech industry
MARKETFINANCE SECURES £30M CREDIT FACILITY TO EXPAND B2B PAY LATER OFFERING FOR SME'S
By Jen Surtees, Xero
B
UILDING AN INCLUSIVE, SUPPORTIVE WORKPLACE WHERE EVERYONE CAN DO THE BEST WORK OF THEIR LIVES SITS AT THE CENTRE OF EVERYTHING WE DO AT XERO Actually it’s the thing that attracted me to Xero, and was the driving factor in most of our employees applying to join the team.
That’s why we are proud to be ranked so highly in two specific Best Workplaces lists – both in areas that are very close to our hearts. The first is being ranked second in the UK’s Best Workplaces for Women. And the second is being named as the fifth Best Workplace in Tech (in the ‘large’ companies category). This follows being named one of the UK’s Best Workplaces in
2022 earlier this year. The recognition in these areas is so important to us as a business. As a growing technology company, we’ve been building a world-class tech and product team over the last few years so we can keep innovating and providing the best services for our customers. Last year we redesigned our flexible work policy, to give our growing product and tech teams the
opportunity to work where they perform best — at home, in the office or a mix of both. We’ve worked hard to create a workplace that everyone can be proud of, but there is always more work to do. This recognition pushes us to keep improving, and most importantly, to keep listening to and learning...
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ARKETFINANCE, THE LEADING FINTECH CREDIT AND PAYMENTS COMPANY, HAS SECURED A £30M CREDIT FACILITY FROM VIOLA, THE ISRAELI TECHNOLOGY INVESTMENT GROUP, TO EXPAND ITS B2B PAY LATER EMBEDDED FINANCE OFFERING FOR SMES. Available in Sterling, US Dollars, and Euros, the facility will enable more online businesses to offer flexible payment terms of up to 90 days at checkout to buyers across multiple geographies. The agreement enables MarketFinance to provide credit worth up to £240m per year on rolling 45 - 90 day terms
to UK-based businesses. To date, MarketFinance has made over £45m available to more than 2,000 buyers via embedded finance. With MarketFinance able to raise funds in a challenging global investment environment, and lend in local currencies, UK-based suppliers are better able to serve buyers in Europe and North America, supporting their international growth. Viola, which has more than $4.5bn assets under management globally, has previously invested a total of £75m with MarketFinance to support the company’s entry into the business loans...
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Cape partners with Codat to save SMEs thousands of hours on administrative tasks per year
AIRWALLEX SUSTAINS US$5.5 BN VALUATION WITH US$100 M SERIES E EXTENSION C A IRWALLEX, A LEADING GLOBAL FINTECH PLATFORM, TODAY ANNOUNCED THAT IT RECENTLY CLOSED ITS SERIES E EXTENSION (“SERIES E2”) WITH THE SAME US$5.5 BILLION VALUATION, AND SECURED MORE FUNDS FROM EXISTING INVESTORS SQUARE PEG, SALESFORCE VENTURES, SEQUOIA CAPITAL CHINA, LONE PINE CAPITAL, HERMITAGE CAPITAL, 1835I VENTURES AND TENCENT. HostPlus, an Australian industry superannuation fund, as well as a leading North
American pension fund also participated in this round. With an additional US$100 million, Airwallex’s total funding increased to more than US$900 million to propel the company’s global growth trajectory. “The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses,” said Jack
Zhang, Co-founder and CEO at Airwallex. “The market environment remains challenging in the foreseeable future, and while we remain well capitalised, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world. By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities.” The Melbourne-founded company accelerated its international expansion in 2021, successfully extend-
ing its reach across Europe, North America and Asia Pacific, serving three of the largest e-commerce markets in the world: China, the United States and the United Kingdom. Today, tens of thousands of modern businesses leverage Airwallex’s global payments and banking platform to process payments and move money efficiently anywhere around the world. “We are building one of the world’s most powerful global payment and banking infrastructure,” Jack adds...
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Saturday 22 October 2022
APE, AN INNOVATIVE EXPENSE MANAGEMENT PLATFORM ISSUING CORPORATE CARDS TO AUSTRALIA’S SMES, RECENTLY PARTNERED WITH CODAT, THE UNIVERSAL API FOR SMALL BUSINESS DATA, TO AUTOMATE ACCOUNTING ADMINISTRATIVE TASKS AT SCALE. Companies spend an estimated 520 hours a year on manual accounting and administrative tasks. Cape’s partnership with Codat will automate an estimated 50% of the tasks related to expense reconciliation, saving hundreds of hours a year for each business that uses it. In the digital era, CFOs
face a double-edged sword: scaling their teams operational capabilities while providing strategic advice to management. To meet these challenges, finance operations need to be streamlined through automation to mitigate and alleviate time-consuming, monotonous tasks. Cape is taking advantage of two aspects of Codat’s service to achieve the above. Firstly, Cape will utilise a push integration with Codat to store users’ Chart of Accounts rules in Cape's platform and then automatically sync transactions with Xero and Quickbooks each time...
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