Startups Veem and Melio Payments, based on opposite U.S. coasts, are both angling for a share of the multi-trillion-dollar business-to-business payments market, targeting small and mid-sized enterprises.
They’re not alone. Dozens of fintechs are wooing businesses that are suddenly trying to digitize payment processes with new software solutions.
The market opportunity is huge and there are plenty of niches to be had, industry executives say. Just the lower end of that business-to-business (B2B) market may be worth tens of trillions of dollars annually, while the worldwide B2B opportunity could ultimately grow to $200 trillion, some estimate.