Two Canadian payment companies are set to expand their business-to-business services in the U.S. market in the coming year. Versapay and Brim Financial, both based in Toronto, have already attracted U.S. corporate customers and now aim to grow their clientele south of the border.

Versapay, the larger of the two with about 400 employees, operates in the business-to-business arena, providing payment software services to help suppliers manage and collect payments from business clients. The company’s focus is on automating the accounts receivable process, including invoicing and payments processing, to streamline collections and reconciliation. Versapay has about 9,000 customers and handles $60 billion in payments globally annually, with 70-75% of its business coming from the U.S. The company primarily targets North America, operating a network with about one million buyer accounts in various verticals.

Versapay aims to assist businesses in reducing late payments, cutting the time payments are outstanding, understanding their cash flow better, and increasing payment options for their customers. The company’s target clients are middle-market companies with annual revenues ranging from $50 million to $1 billion. Major clients include KPMG, Boston Properties, and Carter Lumber. A significant partner for Versapay is Oracle’s Netsuite, enabling seamless payment and reconciliation through the enterprise resource planning system.

Brim Financial, based in Toronto, is looking to bolster its growth in the U.S. market through a recently announced partnership with Mastercard. Brim operates a credit-card-as-a-service platform, geared toward banks, fintechs, and large merchants. The platform allows customers to launch and run consumer or commercial credit card programs. In its strategic partnership with Mastercard, Brim will integrate Mastercard’s open banking capabilities into its platform.

Brim differentiates itself by offering an end-to-end platform, providing both customer-facing products and the platforms for clients to run their business. This approach enhances compliance by eliminating blind spots that may arise when integrating different vendors. Founded in 2017, Brim has around 11 clients in the U.S. and Canada, with some issuing more than one million cards. The company is expanding its services with significant clients in the U.S., making it a key focus market.

Both Versapay and Brim Financial are eyeing substantial growth in the U.S., leveraging their unique offerings and partnerships to cater to the evolving needs of businesses in the payment space. As they venture into new territories, the companies aim to tap into the vast market potential and contribute to the advancement of B2B payment solutions.