For businesses that need hardware, using a Hardware-as-a-Service model rather than owning the products enables lower monthly operating expenses, greater flexibility and assurance that the hardware will always be up to date, according to a Wednesday (Aug. 31) press release.
Additionally, for retailers and manufacturers that want to offer this option, the topi platform solves the challenges of risk and fraud management, refinancing, monthly billing, outdated device management, insurance and other services, per the release.
“The as-a-service models that have long been established for software will also become the standard for hardware,” Topi co-founders Estelle Merle and Charlotte Pallua said. “Our subscription platform will ensure businesses’ liquidity is protected, while employees never have to work with outdated equipment again.”
This investment round comes about eight months after the startup’s pre-seed funding round, which raised $4.5 million. As PYMNTS reported at the time, topi aims to become an international enabler of frictionless payments for B2B companies.
Read more: Berlin’s B2B Payments Startup topi Raises $4.5M Pre-Seed Funding
While announcing the new funding, topi also reported that German electronics retailer Gravis has partnered with the FinTech to expand the retailer’s offering of Hardware-as-a-Service following a successful pilot program.
“We are very excited that our business customers can now easily subscribe to their IT equipment in real-time at the point of transaction, without tedious processes and bureaucratic paperwork,” Gravis Managing Director Jan Sperlich said in the release. “In our pilot phase, already around half of our customers who have rented hardware through topi, have already come back for additional products.”
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