In today’s top payments news around the world, GlobalBees landed $150 million in a Series A funding round, while Razorpay said it has acquired TERA Finlabs. Plus, workers in Bangladesh’s clothing manufacturing industry have taken a heavy hit because of the pandemic’s economic impacts.
GlobalBees, India’s direct-to-consumer (D2C) investment platform, notched $150 million in a FirstCry-led Series A funding round, with additional participation from Lightspeed Venture Partners. The round is half in debt and half in equity. The upstart, which is based in Bengali, purchases and collaborates with digitally native brands in different industries. “GlobalBees looks to partner with digitally native brands across categories such as beauty, personal care, home, kitchen, food, nutrition, sports, lifestyle, etc. with a revenue rate of $1 million to $20 million,” the firm said in a statement, as per a published report.
Razorpay, the Indian payments financial technology firm, announced on Monday (July 19) that it has bought TERA Finlabs. “TERA will provide its entire technology stack, risk management capabilities and onboarding solutions to create and enable a credit line for Razorpay's merchant network,” the firm said in a statement, as per a published report. TERA Finlabs, which is headquartered in Bengaluru, is a subsidiary of GAIN Credit, a U.K. online lender. Razorpay says this marks its third purchase in under three years.
Workers in Bangladesh’s clothing manufacturing industry have taken a heavy hit due to the pandemic’s economic effects. Garment exports from the country were said to have risen by 12.55 percent in fiscal year 2020-21 ending June 30, from the past year’s figures, but the nation did not attain its export goal. The pandemic has an array of negative impacts on physical businesses, closing brick-and-mortar locations and making supply chains less expedient.