Two raises €13M to scale its B2B payments solutions

Oslo-based Two, a B2B payments platform, has closed a €13 million strategic funding round, bringing Two’s total funding to over €40 million to date. The fresh investment will fuel Two’s expansion into the US and select Western European markets. 

Founded in 2021, Two set out with an ambitious goal: to make B2B transactions as seamless as consumer checkouts. Its platform provides instant upfront payments to sellers, flexible net terms for buyers, and AI-driven fraud prevention. With rapid adoption across both large enterprises and SMEs, Two’s infrastructure has already become the go-to standard for B2B commerce in Northern Europe.

This momentum continues to build, with the company projecting more than 150 per cent year-over-year growth in revenue and payment volume for 2025. Over the past six months, Two has also secured major partnerships with Visa, ABN AMRO, Qliro, Avarda, and Wikinggruppen.

The company is well-positioned within the broader digitisation trend in B2B payments, as businesses increasingly turn to scalable, modern solutions to replace outdated, manual processes, mirroring the transformation seen in consumer fintech over the last decade.

Andreas Mjelde, CEO & co-founder of Two, said:

We are the ‘Two’ in B2B, and we’re on a mission to make selling on net terms as easy as accepting card payments. We’ve proven that merchants want flexible payment solutions built for how businesses actually buy, not just consumer tools rebranded for B2B. We will leverage the capital injection to scale with large and global enterprise businesses, and we’re excited to add strong institutional investors with a long-term investment horizon like Investinor and Idékapital to the team.

The round was led by Idékapital and Shine Capital, with participation from new investor Investinor and existing backers Sequoia Capital, Antler, Alliance Ventures, Arkwright, and Local Globe.

Kristian Øvsthus, Managing Partner at Idékapital and incoming board observer, shared that their decision to invest in Two was driven by the founding team's outstanding ambition and talent, adding:

With deep international experience and a diverse, world-class team, they are uniquely positioned to scale globally. B2B payments is a massive and still largely untapped market. Two stands out through their combination of a powerful and modular software, deep understanding of the network effects in their industry and their dedication to solving a big problem. We believe they have what it takes to build a global category leader.

According to Egil Garberg, Investment Director at Investinor, Two is demonstrating that B2B payments can be just as advanced and seamless as consumer payment solutions:

They’re tackling an underserved market with a world-class team and scalable technology. Together with Sequoia, Shine Capital, Idékapital, and Antler, we’re proud to back Two as they build the next global standout fintech success from Norway.

Mathias Owing Maanum, Partner at Antler, highlighted B2B payments as one of fintech’s biggest untapped opportunities, pointing out that trillions in transactions still depend on outdated, manual systems with poor user experience and restricted credit access. He shared: 

Two’s platform is at the forefront, making it as simple to offer instant net terms as it is to accept a card from consumers. What sets Two apart is their real-time underwriting engine, unique banking partnerships, and proven ability to scale rapidly - already serving more than 200 merchants across Europe. We believe they’re building the foundational infrastructure for the next era of global B2B commerce, and we’re proud to continue supporting this exceptional team as they realise their bold vision.

Mo Koyfman, Founder & General Partner at Shine Capital, added: 

The B2B payments market is approaching $100 trillion in volume, and is largely still processed with checks by Accounts Payable departments. Over the coming years, as we've increasingly seen with consumer payments, this market will also digitise. Two, and its experienced, ambitious team, is helping lead this transition with instant underwriting, seamless terms, and a global footprint, serving some of the largest companies in the world

The funding will also fuel the continued development of Two’s fully productised B2B payments infrastructure. This includes proprietary risk engines, Frida and Delphi, a comprehensive business onboarding solution, and embedded deferred payment features designed specifically for B2B transactions, already adopted by more than 200 merchants across the Nordics and Europe.

Lead image: Two founding team | Photo: Uncredited