Open Banking Firm Yapily, B2B FinTech Two Partner on BNPL for SMBs

London open banking application programming interface (API) startup Yapily is working with B2B buy now, pay later (BNPL) FinTech Two to help small- to medium-sized businesses (SMBs) ease their cash flow burdens, according to a Yapily blog post.

The partnership is designed to help SMBs get credit through BNPL and open banking, the post stated. When a business buys goods online, they can choose to pay through Two at checkout and get the option of paying 14 to 90 days after purchase, accessing instant flexible credit.

See also: Yapily Partners With Yonder to Offer Credit to Underserved

“With the help of Yapily Data, Two can retrieve the buyer’s account information in real time for instant ID verification checks and approval,” according to the post. “This includes fetching user information, such as name and date of birth, as well as transaction data, all without the need for endless forms.”

This means SMBs won’t need to wait or resort to “harmful short-term lending vehicles” when there’s a gap in cash flow and they need to make an important purchase, the post stated. The tie-up will offer merchants that use Two an increase in sales conversion rates, average order values and customer approval rates.

“Many [SMBs] across Europe are in recovery mode after spending nearly two years dealing with an unpredictable economic climate,” said Two Head of Product Deane Barton in the post. “With Yapily and open banking, we can provide a safer, cheaper and easier financial bridge for businesses that are ready to move forward.”

Earlier this month, Yapily signed an acquisition deal with German private credit bureau SCHUFA to buy a 75% stake in open banking API firm finAPI, thus creating what Yapily said will be Europe’s largest open banking payments platform.

Read more: Yapily Buys finAPI to Boost Share of European Open Banking Market