Swedish working capital fintech Billhop will develop its product set and strengthen its sales, marketing, and customer support functions after securing €4 million in series A funding.
The round, led by financial technology venture capital firm Element Ventures, follows a period of rapid growth for Billhop, whose payment service enables enterprises and individuals to pay any invoice by credit card.
Billhop’s service is being utilised by more than 50,000 European companies. Since the introduction of its enterprise offering in January 2019, transactions have accelerated by 500% to-date, while the total number of transactions processed across all customer segments exceeded €270 million in 2020.
Michael McFadgen, the partner at Element Ventures who led the investment in Billhop, comments: “We set up Element Ventures to find companies just like Billhop. Those fintech firms with a strong focus on B2B and whose technology has the potential to revolutionise the way businesses operate.”
“Billhop has already made fantastic progress helping their customers efficiently access financing and liquidity, having grown organically since launch, and it will prove even more crucial as businesses of all sizes navigate the turbulent market conditions ahead. We’re thrilled the team chose to partner with us and we’re excited for what’s to come.”
Sebastian Andreescu, chief executive officer and co-founder of Billhop, adds: “We are very pleased to have the backing of Element Ventures and look forward to working with Michael, whose experience and knowledge within the financial sector will be a valuable resource for Billhop.”
“The new capital will enable our accelerated growth plan which entails expanding the team, increasing our market footprint, and further developing and improving our solution for European businesses of all sizes.”