Spend management was the focus of innovation in the commercial card space this week thanks to partnerships and investments in firms aiming to help companies keep track of expenses.
This week’s commercial card innovation tracker includes the expansion of an integration between Teletrac Navman and FLEETCOR in addition to an $18 million raise for Spendesk.
Teletrac Navman Grows Integration With FLEETCOR
Fleet tracking firm Teletrac Navman and fuel card provider FLEETCOR Technologies have announced the growth of a technology integration that will assist fleet managers in monitoring and managing fuel expenses.
“We are pleased to offer this high level of business intelligence across our entire customer base,” Teletrac Navman Senior Product Manager Marco Encinas said in an announcement. “Monitoring fuel purchases through both cost and location is a valuable tool for fleet managers to prevent fraud and protect margins.”
Each Teletrac Navman client that also harnesses fuel cards issued by FLEETCOR will be able to keep track of fuel transactions and connect them with retailer locations through the deal. A client can find the data on a Teletrac Navman fuel usage report to make sure that drivers are adhering to the correct routings and not paying too much for fuel.
Spendesk Lands $18M Investment
Small- to medium-sized business (SMB) spend management platform Spendesk has landed an $18 million investment in addition to its $38 million Series B round in 2019.
Spendesk provides a spend management offering that gives further visibility and digitization to finance workforces. The platform brings together virtual and physical cards for staffers, spend approvals, bill management and expenditure reimbursements.
Spendesk’s new investment comes from Eight Roads Ventures and brings the overall raised to $68.5 million.
“More than ever, finance teams seek visibility and real-time access to accurate data to allow their businesses to maneuver safely through these challenging times,” Spendesk CEO and Co-Founder Rodolphe Ardant said in an announcement.
Mastercard Invests in Card Issuing Platform Marqeta
Card issuing platform Marqeta is receiving a financial boost from Mastercard, its longtime corporate partner.
Marqeta indicated that Mastercard will “make a financial investment” as the two firms aim to “deepen their global partnership.” The amount of the investment was not made known.
The FinTech’s open application programming interface (API) platform lets firms such as Instacart, DoorDash and Square issue debit and credit cards in addition to process payments.
“With a shared vision to provide innovative and flexible financial products and solutions to our customers, we’re thrilled to expand our partnership with Marqeta,” said Sherri Haymond, executive vice president of digital partnerships at Mastercard. “We look forward to collaborating with Marqeta through this next stage of growth and enabling our joint partners to tap into capabilities that deliver differentiated experiences.”
Paynetics Agrees to Buy Some Wirecard UK and Ireland Assets
Paynetics of Bulgaria has said it has consented to buy “some of” Wirecard’s Ireland and England assets.
“The deal will see Paynetics work with corporate customers, who have previously relied on Wirecard for card issuing and payment services, to adopt Paynetics for the continuation of their existing card programs,” according to an announcement, which did not make terms known.
Furthermore, Paynetics named Mike Peplow to be CEO of its British business. Peplow served as BancTec EMEA’s president and Omnio Group’s chief operating officer in the past, according to the announcement.
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