4thWave Launches UAE Capital Financing/B2B Payment Tool – PYMNTS.com

Canadian FinTech 4thWave Inc. debuted an integrated working capital financing and B2B payment solution in the United Arab Emirates (UAE) as part of a partnership with Mastercard Track Business Payment Service.
The collaboration lets 4thWave Inc. offer flexible working capital programs to businesses across the region and addresses “the fundamental challenges of costs and inefficiencies currently affecting the B2B payments ecosystem,” according to a Monday (Feb. 28) Zawya report.
The solution “can help streamline B2B payments with flexible and secure virtual card payment offerings and extended reach to buyers and suppliers,” the report says. Through the pairing, buyers get early payment discounts and suppliers get their payments without any manual processes.
“The integrated approach between Mastercard and 4thWave Inc. will converge the buyer and supplier ecosystems on a single platform which will help facilitate frictionless B2B payments and affordable working capital financing in UAE,” 4thWave President Sutanu Gupta said in the report.
“Businesses will now be able to carry out financing and collections of their payables and receivables seamlessly taking advantage of the expansive Mastercard payment ecosystem and 4thWave’s financing ecosystem,” he said.
4thWave Inc. will join Mastercard Track as a buyer payment agent and supplier payment agent through the collaboration, giving a platform-as-a-service model to lenders and the supply chain ecosystems in United Arab Emirates.
Related: CIBC Innovation Banking Finances Graphite Ventures Through Series A Rounds
Elsewhere in Canada, CIBC Innovation Banking last week provided financing solutions, including a capital call line of credit, to seed-stage investment firm Graphite Ventures through to the rights for Series A rounds.
The capital call facility will allow Graphite to make investments in portfolio companies prior to calling capital from the fund’s limited partners. Graphite will continue to support capital investments in early-stage companies across Canada, enabling them to scale globally, according to a joint press release.
The fund focuses on B2B Software-as-a-Service (SaaS), digital health, property technology, FinTech and hardware businesses. Graphite closed eight investments and raised $77 million of capital, with a $100 million target by the end of 2022.
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