B2B Payments Platform Sprinque Secures $21 Million Debt Facility to Expand Across Europe

Amsterdam-based B2B payments platform Sprinque has secured a 20-million-euro (about $21 million) debt facility.

“We’re extremely happy to be able to share the good news for B2B merchants in Europe that operate across borders: We secured … debt facility from Avellinia Capital, which will allow us to finance up to [200 million euros] in transactions per year,” Sprinque said in a Tuesday (June 6) post on LinkedIn.

The company supports B2B eCommerce by providing business credit and B2B payment infrastructure, according to its website. Its solutions enable buyers to pay for online purchases with payment terms of their choice, and sellers to use credit and payments to build their online business.

Sprinque will use the capital to expand its pay-by-invoice solution across Europe, the company said in a press release emailed to PYMNTS.

“Avellinia Capital is delighted to provide a flexible multijurisdiction and multicurrency financing line to Sprinque, supporting them in their quest to provide online point-of-sale working capital solutions,” Avellinia Capital Founding Partner Christoph Pfundstein said in the release.

PYMNTS research has found that 68% of executives expect to integrate B2B payment innovations into their operations this year.

These executives are looking for working capital and cash flow management solutions that will help them get paid, as well as pay their vendors faster and more seamlessly, according to “The One-Stop Bill Pay Playbook,” a PYMNTS and Mastercard collaboration.

The news from Sprinque comes about five months after the firm raised $6.5 million in a seed funding round and said it aimed to expand its B2B payments platform to other countries beyond those in which it was already active: Spain, Germany and the Netherlands.

“A key challenge to enabling online B2B transactions is that buyers expect to receive an invoice for their purchases, and buyers are accustomed to receiving net payment terms of 15, 30 or 60 days, or longer, for their invoice,” the company said when announcing that funding round in January.

Sprinque said it helps B2B merchants meet this challenge and improve both conversion and retention by taking on all defaults and fraud risk, as well as automating the pay-by-invoice process.

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