Swedish proprietary straight-through processing (STP) payments platform Billhop has raised €10.5 million. The round was led by EQT Ventures with participation from Element Ventures. The funding will be used to scale aggressively – including hiring (particularly tech and marketing roles), customer acquisition, and geographical expansion.
The B2B payment market is worth $120 trillion, but is largely untapped by credit cards due to the low card acceptance within B2B.
Co-founded by Sebastian Andreescu (CEO), Erik Malm (CTO) and Ingemar Sjögren (CFO) in Stockholm, the platform serves over 20 markets, catering to Fortune 500 enterprise customers across Europe, and sole traders and SMEs in the U.K., Sweden, Netherlands, Italy, Ireland and Finland.
Sebastian Andreescu, CEO & co-founder of Billhop, said: “We have seen a very strong product market fit in the last 12 months and the investment from EQT Ventures further accelerates our plan of becoming the preferred payments partner for businesses of all sizes across Europe.”
Ashley Lundström, Partner at EQT Ventures, added: “At EQT Ventures we are keen to back founders tackling large markets seeing large changes, particularly when there are win-wins. The payment industry globally has seen a proliferation of choice in B2C payments, and we are excited to back Billhop as they bring long awaited innovations to B2B payments.”
Operating with a lean team of 19 people, 65,000 customers have been onboarded by the startup. Currently, it processes €250 million in transaction volumes annually. Last year, it doubled the team, including key hires from Stockholm’s rich pool of talent in fintech and payments.