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- Two, a Norwegian B2B payments firm, has raised 18 million euros in its Series A funding round.
- The firm seeks to transform the consumer space from an offline time-consuming process to a digitized system.
Two, a Norwegian firm that focuses on business-to-business (B2B) payments has raised funds meant to digitize transactions in that consumer space. The Series A round was led by Shine Capital. Some of the new investors include Alliance VC, LocalGlobe, Day One Ventures, Sequoia Capital, The Visionaries Club, and Alumni Ventures.
Following the funding round, Two’s total funding is at 18 million euros or about $19 million. The amount will help the firm attain its goal of transforming B2B payments by making them digital.
Indeed, Two acknowledges that most of the B2B transactions are still completed manually via physical invoices. This is despite it having an annual payment volume of about $120 trillion.
As such, the firm’s co-founder Andreas Mjelde has stated that the focus is to transform the process from being largely offline and paper-driven to a system that allows the consumer to purchase online in a fast and efficient manner.
He noted, “Effectively if you input our solution, you can now offer your business buyers or customers the ability to check out and complete a purchase in about 30 seconds…We underwrite and take care of both the credit and fraud risk, verify that the user is actually who they say they are, and allow the buyer to complete the transaction instantly”.
Two was founded in 2020 although it launched the aforementioned solution in 2021’s second quarter. Its management reports that the firm has been growing by 243% quarterly with 70 workers spread across the world.
Two’s system allows small businesses to use a no-code solution to create orders and accept payments. At the same time, medium and large businesses can integrate with the firm’s API.
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