Afternoon Coffee: Hurricane Sally makes landfall; B2B payments platform Veem raises $31 million; Brexit no-deal would disrupt supply chains

Cup of coffee and newspaper on old wooden table

Hurricane Sally made landfall near Gulf Shores, Alabama, on Wednesday morning as a Category 2 hurricane, according to Supply Chain Dive.

The storm will gain speed and move northeast over the western Florida panhandle and southeastern Alabama into central Georgia by Thursday. Ports across the Gulf Coast closed in anticipation for the storm. The Port of New Orleans is expected to return to normal operations by Friday. The Port of Mobile in Alabama will close all day Wednesday but is expected to have normal operations by Thursday, the article said.

High winds and heavy rains are expected to last for days since Sally is a slow-moving storm. Railroads are also expected to have delays. Areas in the storm’s direct path can expect up to 30 inches of rain and seven feet of storm surge, according to the article. With the hurricane bringing winds up to 85 mph, many supply chain operators will be motivated to shut down and wait it out rather than take chances on keeping freight moving.

B2B payments platform Veem secures Series C investment from Truist Ventures

B2B payments provider Veem announced on Wednesday a $31 million Series C round deal, according to FinLedger. Truist Ventures — a corporate venture capital arm — led the investment.

Veem made noise when it developed a global payments network for businesses, modeled as a “Venmo for businesses.” Veem is growing rapidly, as is the B2B payments industry as a whole. To date, Veem has raised over $100 million since its inception in 2014. Veem CEO Marwan Forzley said that company has historically doubled its number of customers on a yearly basis. About 225,000 global companies send and receive money using Veem’s platform, the article reported.

Forzley said the company will use this new capital to work on the development of a robust channel partner program widening the company’s geographic footprint. “If you look at the type of money we raised, it’s not just money. It’s money plus value and the value out here is access and the ability to get into a broader base of businesses that we can have on the platform,” Forzley told FinLedger.

The B2B payments world is exploding right now. See Spend Matters' Veem analysis here. Read more of our coverage to see what you need to know to make the best choices or find B2B payments providers.

What a Brexit no-deal could mean for the UK economy, supply chains

Boris Johnson this week instigated a new confrontation with Brussels over their “Brexit” trade deal that might turn a no-deal scenario for business into reality, according to CNN Business.

The UK government said it intends to break the terms of its divorce agreement that settled the country’s exit from the European Union at the end of January. EU officials gave Johnson until the end of the month to abandon the potential violation of international law, the article reported.

If Johnson refuses, negotiations on the UK-EU trade deal that would replace the transitional agreement — which expires at the end of 2020 — would likely end, threatening the UK economy with border chaos and food shortages among other supply chain issues. Additionally, the UK economy has struggled to bounce back amid the COVID-19 recession — the worst in the country’s history — and a no-deal could lead to even slower economic recovery, the article said.

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