Afternoon Coffee: Weekly jobless claims increase the most since September; Fairmarkit secures $30 million funding; TransferMate extends payments into Brazil, Chile

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The US Labor Department on Thursday reported that weekly jobless claims increased by 853,000 last week, beating Dow Jones estimates, according to CNBC.

This number was up from the 716,000 seen the week prior. It also indicated the highest number since Sept. 19, reflecting ongoing economic challenges in the job market. Additionally, continuing unemployment claims increased by 230,000 to 5.76 million, the first time that number has increased since late August, the article said.

“This recent surge suggests that claims are not just stagnating, they’re actively worsening,” Daniel Zhao, a senior economist at Glassdoor, told CNBC. “The surge in initial claims is especially concerning when claims are still above levels near the peak of the Great Recession.”

Fairmarkit secures $30 billion funding led by GGV Capital and Insight Partners

Fairmarkit, a provider specializing in tail-spend management software, announced on Thursday that it has secured a $30 million investment, led by GGV Capital and Insight Partners.

In a press release announcing the funding, Fairmarkit said it hopes to grow its team and customer base with the new funding. As part of a global expansion, Fairmarkit will introduce multiple languages and scale the customer support function internationally. Fairmarkit is one company that has seen growth this year. Key customers include Snowflake, Emirates Flight Catering and Cabot Corporation. According to the company, Fairmarkit has tripled its revenue and customers in the past three years.

“We are ecstatic to welcome GGV Capital to the Fairmarkit family as we scale our mission to simplify B2B purchasing processes,” Kevin Frechette, Fairmarkit’s co-Founder and CEO, said in the press release. “Their team is focused on companies that are solving massive problems in ways that will create a lasting impact on the way companies function. Along with Insight Partners, this investment will greatly advance our ability to bring data-backed insights and efficiencies to enterprise procurement processes.”

Fairmarkit is on two Spend Matters' best-of lists: The 2020 "50 Providers to Watch" and the 2019 "Future 5" start-up.

TransferMate extends payments into Brazil, Chile

TransferMate, an Irish specialist in cross-border B2B payments, extended its reach with licenses to transfer money into and out of Brazil and Chile. It affords clients same day/next day payments with full tracking and no wire fees, TransferMate said in a press release. The move into South America expands its regulated payments network beyond North America, Europe, Asia and Australia.

"With these licenses, TransferMate is one step closer to its strategic plan to create the widest settlement network in our industry,” TransferMate CEO Sinead Fitzmaurice said in the press release.

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