Two announced the attraction of investment funds for 18 million euros (about $ 19.4 million).
Earlier, this fintech company conducted another round of financing, as a result of which investments for 10 million euros (about $ 10.8 million) were attracted. Currently, the total capital of the firm is 28 million euros (about 30.2 million dollars). This is stated in the company’s press release, which was published on March 21.
The last round of financing was conducted by Shine Capital and Antler. This round follows the January announcement that two companies, Allianz Trade and Santander, have partnered with Two in developing a Buy Now, Pay Later (BNPL) solution for large businesses.
Mo Koifman, founder and CEO of Shine Capital, says that the world-class Two team is creating a comprehensive global solution for B2B transactions across all sales channels. He also noted that this has already led to explosive business growth in the UK and the Nordic countries. Two banks can now offer a truly global B2B solution for large multinational corporations.
The B2B BNPL product for multinational corporations, created through partnership, is a confirmation that digital technologies can stimulate the promotion of innovations in the field of trade finance. Advanced technologies allow you to make decisions faster and optimize processes.
Trade finance in its traditional configuration involves lengthy risk assessment and underwriting procedures. It took days, sometimes weeks, to resolve these issues. The lending process carried out with the help of digital tools is accelerated and allows you to approve and provide money for trade financing on the same day.
The Two platform serves 175 active sellers and captures 58% of their B2B payment volume through online channels. This was stated by the CEO and co-founder of Two Andreas Mjelde.
The platform manages the underwriting of loans and fraud cases, pays sellers in advance, and processes the collection of accounts receivable. This allows you to increase the number of B2B transactions online. The platform provides a single solution for all sales channels of the seller and increases the speed of order acceptance.
Antler’s global investment partner Martell Hardenberg said Two’s rapid growth is indicative of the serious problems they are solving by allowing sellers to offer their customers seamless payments and access to loans.
As we have reported earlier, BaaS Platform Synterra Raises $15 Million.