Norwegian Fintech Company Two Raises €13 Million for Revolutionary B2B Payment Solutions
Oslo-based fintech innovator Two has successfully raised €13 million in a recent financing round. The investment was spearheaded by Idekapital and Shine Capital, alongside participation from new investor Investinor and existing backers such as Sequoia Capital, Antler, and Local Globe. This latest funding brings the total capital raised by Two to over €40 million.
Introducing Twonet: Transforming B2B Transactions
Two has developed an innovative software infrastructure known as Twonet, aimed at facilitating B2B trade. The platform allows businesses to offer net payment terms backed by real-time risk assessments and guaranteed regulations. Unlike traditional manual payment processes, which often involve cumbersome paperwork and delayed collections, Twonet integrates automated fraud detection and credit evaluation directly into the purchasing flow.
Mission to Simplify B2B Payments
“We are the ‘two’ in B2B, aiming to make clear payment terms as simple as accepting card payments,” remarked Andreas Mjelde, CEO and co-founder of Two. “Our platform tackles genuine issues to build trust and create value for all participants in the transaction.”
Enhancing Cash Flow Predictability
Over 200 merchants have already adopted Two’s technology, benefiting from instant buyer assessments that help approve transactions often denied by traditional credit practices. This shift not only minimizes revenue losses from declined customers but also enhances cash flow predictability for sellers.
Expanding into Major Markets
With the B2B payment market projected to reach $100 billion in volume, Two aims to leverage the newly acquired capital for expansion in the American market and select Western European countries. The company’s growth strategy focuses on linking suppliers and buyers globally, particularly between the USA, Nordic countries, the UK, and continental Europe, to create a seamless trading ecosystem.
Supporting Growth with New Investments
“We invested in Two because of the exceptional ambition and talent of the founding team,” stated Kristian Øvsthus, Director Partner at Idekapital. “They are well-positioned to harness network effects within their industry while solving significant challenges.”
The Future of B2B Payments
With a team operating across 15 countries and offices in Oslo, London, Stockholm, and Glasgow, Two collaborates with notable financial institutions like Allianz, Santander, and ABN AMRO to aggrandize their credit and regulatory operations. Co-founder and CPO Joachim Krüger emphasizes, “Trust is the currency of B2B. We are committed to revolutionizing this sector and envision a world where transactions are seamless and dependable.”
Conclusion
The investment and growth trajectory for Two signify a significant shift in B2B payment solutions, poised to disrupt traditional banking practices and enhance efficiency in commercial transactions. As the company advances its mission, it stands ready to become a key player in the global fintech landscape.