Sprinque, a B2B payments platform, has raised €6m in a seed funding round led by Connect Ventures.
The Netherlands-based company will use the funding to expand across Europe, initially targeting merchants in its home country, as well as Germany and Spain.
Other investors in the round include Kraken Ventures, Inference Partners and SeedX.
Founded in 2021, Sprinque raised €1.7m in the same year to kick start the business.
It aims to help B2B businesses grow in an increasingly digital world by offering flexible payment methods, primarily, its Pay by Invoice product.
Sprinque said that despite more business transactions moving online, merchants and marketplaces still face “great challenges”.
On the problems across B2B industries, Juan Espinosa, co-founder and chief executive officer of Sprinque, said: “Buyers won’t convert and be retained if the ability to Pay by Invoice is not given to them, but the existing offline and manual processes B2B merchants rely on are not adequate to manage risk and serve hundreds of online buyers across multiple geographies.
“Sprinque has been built to enable merchants and marketplaces to offer Pay by Invoice with payment terms in the most seamless way possible for the most ambitious merchants.
Rory Stirling, general partner at Connect Ventures, commented:“Sprinque’s founding team has a deep understanding of B2B commerce and how to help their customers improve conversion, retention and cash flow.
“They recognise that a B2C-style BNPL payment method doesn’t translate into a B2B context, so instead they are building a differentiated product designed specifically for the breadth and complexity of B2B commerce.”