Norwegian fintech Two raises €18 million Series A

Oslo-based Two’s portal is making B2B transactions on e-commerce platforms ‘as frictionless as consumer payments’ on via its open API or plugins – it will launch with Shopify later this year. 

The €18 million Series A announced brings Two’s total capital raised to €28 million — previously unannounced.

This round was led by Shine Capital and Antler, with participation from Sequoia Capital, Day One Ventures, Alumni Ventures, LocalGlobe, The Visionaries Club, Alliance VC and others. 

Two’s portal integrates via a simple open API, or choose from a selection of off-the-shelf plug-ins built for leading e-commerce platforms such as Magento, Optimizely, WooCommerce, Spense and 24Nettbutikk. It makes it as easy to accept business orders on net terms as it is to accept card payments from consumers, providing a solution for the the b-commerce (B2B commerce) problem.

Two recently announced a partnership with Allianz and Santander which allows it to support large, multinational merchants across all of Europe and North America - offering instant net terms to their business customers through one API solution. 

“Global business-to-business payments remain woefully analog, significantly lagging the innovation we’ve seen in consumer payments over the last decades. The world-class 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,” says Mo Koyfman, CEO and founder at Shine Capital.

The largest order accepted through Two to date at €450,000 was end-to-end completed at checkout in less than 45 seconds, it claims. 

“As of early 2022 the average buyer already bought more than 15 times per year. This has now grown to more than 50 purchases per year. In fact, Two captures a 58% share of wallet of all B2B payment volume through the online channels of our 175+ active merchants, more than twice of our internal targets,” says Andreas Mjelde, CEO and co-founder of Two.

Two also supports small and medium sized merchants in the UK, Norway, Sweden and the Netherlands.