Afternoon Coffee: Procurement departments lag in diversity, survey says; Amazon Business sees growth in customers, sales; Payments firm Stripe raises $600 million

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Procurement is one of the least diverse corporate functions, Gartner’s Labor Market Survey released this month found, Supply Chain Dive reported.

The survey evaluated 21 corporate departments while analyzing responses from more than 25,000 employees. It found that procurement was the second-least diverse, with about 8% of respondents identifying as people of color. "Sales (B2C)" came in lowest at 7%. Meanwhile, 14% of supply chain/logistics professionals and 44% of communications professionals identified as people of color, the article said.

Companies have added a focus to cultivating diverse suppliers, but procurement departments haven’t quite caught up. The article said it comes down to senior leadership to have the buy-in.

"The role of leaders is vital to improve diversity, equity and inclusion in their organizations," Shana Yearwood, a lead consultant at Impact Consulting, told Supply Chain Dive. "First, leaders need to understand and articulate why diversity, equity and inclusion is vital for the future of their business."

Amazon Business sees growth in customers and sales

Amazon Business on Monday announced growth in customers and sales for its UK division. According to a press release announcing the growth, the business has reached $25 billion in worldwide annualized sales and 5 million business customers in the UK.

In the UK specifically, the company is seeing fast growth in enterprise customers and public entities. The company said it serves more than 50% of FTSE 100 (Financial Times Stock Exchange 100 Index) companies, 15 of the largest universities, 13 of the 15 biggest cities and six of the largest hospitals across the UK.

“By lodging a single payment card and using a punchout catalogue to Amazon Business, the time spent placing orders and reconciling invoices has been reduced by over 70%,” Stewart Dalton, EMEA Senior Procurement Manager at AECOM, said in the press release. “One of the biggest benefits was the familiarity of Amazon, and we're excited to be building a better procurement process.”

Amazon Business said this was the first time they’ve released company figures on growth since 2018. Since launching in the US in 2015, Amazon Business expanded to eight additional countries, including the UK, Germany, France, Italy, Spain, Japan, Canada and India.

Payments firm Stripe secures $600 million investment

Online payments firm Stripe announced that it secured a $600 million round of funding, boosting its valuation to $95 billion, according to CNBC. This round of funding was led by Allianz, Fidelity, Sequoia Capital and Ireland’s National Treasury Management Agency (NTMA).

Stripe makes software that allows businesses to accept payments over the internet. The company said it plans on investing the new capital into its European operations. Founded more than a decade ago, Stripe has become the most valuable private fintech company, and the company has not released any plans of going public, CNBC reported.

“Investors continue to show a huge appetite in payment companies,” said David Gustin, a Spend Matters contributor on the B2B payments space and supply chain finance. “In Stripe’s case, the valuation is based on rising e-commerce and online payments."

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