Stockholm-based FinTech company Treyd has secured a $12 million extension of its Series A funding, bringing its total investment to $25 million.
This funding will be used to expand existing markets, enhance the core product offering and work toward achieving profitability, the company said in a Thursday (Sept. 7) press release emailed to PYMNTS.
Treyd has made significant strides in the retail industry by providing upfront payments to suppliers on behalf of growing retail businesses, according to the release.
The company’s unique value proposition lies in its ability to help retail businesses thrive by allowing them to sell products first and pay suppliers later, the release said. This offering has enabled the growth of hundreds of small and medium-sized businesses (SMBs) across the United Kingdom and the Nordics.
In the time since its initial $10 million Series A investment, Treyd has grown, per the release. In 15 months, the company has expanded its operations into the U.K. and throughout the Nordics. It has also witnessed a sixfold increase in its customer base, now serving over 600 retailers. Additionally, Treyd has tripled its team size, now employing 60 professionals.
“Since launching the ‘sell first, pay suppliers later’ category three years ago, we’ve had an overwhelming response from the brand and retail community,” Treyd CEO and Co-founder Peter Beckman said in the release.
The company’s latest funding round was led by Swedish investment company Nineyards Equity, according to the release.
“We’re impressed by what the team has achieved in this short period of time, especially in this market environment,” Nineyards Equity founder and CEO Stefan Nordahl said in the release. “Treyd’s ability to deliver cost-effective triple-digit growth while maintaining best-in-class default rates, is a proof point of their ability to navigate and execute, and also the true value-add Treyd brings to [SMBs] worldwide.”
Treyd works on buy now, pay later (BNPL) services for international supply chains, and pays suppliers while giving companies 120 days to pay the balance, helping free up capital for a business so it can work on growth. After proving that B2B pay-later works in Sweden, the firm undertook to take that offering to the world.