Two Raises $19.4 Million for Global B2B Payments Solution

funding

Two has raised 18 million euros (about $19.4 million) for its B2B payments solution.

This new funding joins a previously unannounced round that raised 10 million euros (about $10.8 million), bringing the FinTech’s total capital to 28 million euros (about $30.2 million), Two said in a Tuesday (March 21) press release.

The latest round was led by Shine Capital and Antler and comes on the heels of the January announcement that Two, Allianze Trade and Santander have partnered on a buy now, pay later (BNPL) solution for large businesses.

“The world-class Two team is building an end-to-end global solution for B2B transactions across all sales channels,” Shine Capital CEO and founder Mo Koyfman said in the release. “This has already led to explosive growth with businesses in the U.K. and the Nordics, and, with their recently announced banking partnerships, Two can now offer a truly global B2B solution for large multinational corporations.”

As PYMNTS reported in January, the B2B BNPL product for multinational corporations enabled by the partnerships is an example of how digital technologies are driving innovation in trade finance, enabling faster decision-making and more streamlined processes.

While trade finance has traditionally been bogged down by lengthy risk assessment and underwriting processes and could take days or weeks, the lending process enabled by digital toolkits is increasingly accelerated and allows many trade finance loans to be approved and paid on the same day.

Two’s platform now serves 175 active merchants and captures 58% of their B2B payment volume through online channels, Two CEO and Co-founder Andreas Mjelde said in the press release.

The platform manages credit and fraud underwriting, pays sellers upfront, and handles the receivables and collections processes, according to the release.

It moves more B2B transactions online by providing one solution across all of a merchant’s sales channels and improves the order acceptance rate by enabling multiple credit underwriters to assess each order, the release said.

“Two’s rapid growth is a testament to the large pain points they are solving, by allowing merchants to offer their clients seamless payment and access to credit, while boosting online sales and customer loyalty for their merchants,” Antler Global Investment Partner Martell Hardenberg said in the release.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.