Two, a Norway-based B2B payments platform, has announced an €18m series A funding round led by Shine Capital and Antler.
The round also featured participation from Sequoia Capital, Day One Ventures and Alumni Ventures, among others.
The latest funding brings Two’s total capital raised to €28m since launching in 2021.
It currently serves small and medium-sized merchants in the UK, Norway, Sweden and the Netherlands.
The capital will be to support Two’s expansion as it looks to take on the $120t B2B commerce market.
Two recently announced a partnership with Allianz and Santander to support large, multinational merchants across Europe and North America.
According to Two, unlike the consumer space, 94% of B2B transactions occur offline.
This means business sellers are forced to shoulder credit and fraud underwriting risk, manage working capital tied to receivables, and determine payment days—effectively taking on the role of their customers’ bank.
Two believes removing these requirements for businesses can unlock substantial economic growth.
The EU Commission estimates that 6.5 million jobs can be created in the eurozone alone by minimising late B2B payments.
This would be a much-needed development considering one in five companies go bankrupt due to late payments.
Mo Koyfman, chief executive officer and founder at Shine Capita, commented: “The Two team is building an end-to-end global solution for B2B transactions across all sales channels.
“This has already led to explosive growth with businesses in the U.K. and the Nordics, and, with their recently announced banking partnerships, Two can now offer a truly global B2B solution for large multinational corporations.”
Martell Hardenberg, global investment partner at Antler, added: “Two’s rapid growth is a testament to the large pain points they are solving, by allowing merchants to offer their clients seamless payment and access to credit, while boosting online sales and customer loyalty for their merchants.”