Two raises €13m to scale B2B payments
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This brings Two's total funding to over €40 million to date. The fintech company based in Norway helps businesses offer flexible payment terms. The new money will help it speed up the development of its products, the onboarding of merchants, and its reach around the world.
The fresh investment will fuel Two's expansion into the US and select Western European markets. Less than three months after its official launch in the US, the market already represents more than 20% of total revenue for the company. The funding will also support further development of Two's fully productised B2B payments infrastructure, which includes its proprietary risk engines, Frida and Delphi, an end-to-end business onboarding solution and embedded deferred payment capabilities tailored specifically for business transactions, already deployed by over 200 of merchants across the Nordics and Europe.
Founded in 2021, Two was created with a bold mission of making B2B transactions as seamless as consumer checkouts. Its platform offers instant upfront payments to sellers, flexible net terms for buyers, and AI-powered 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.
With this funding, Two wants to improve its credit decision engine, make integrations stronger, and work with more suppliers around the world.
The latest round comes amid accelerating momentum for the company, with both revenue and payment volume projected to grow more than 150% year-over-year in 2025. Two has also entered into major partnerships with Visa, ABN AMRO, Qliro, Avarda, and Wikinggruppen over the past six months. The company is riding the broader wave of digitisation in B2B payments, as businesses seek modern, scalable infrastructure to replace fragmented and manual processes, much like the shift that occurred in consumer fintech over the past decade.
Demand for flexible B2B payment terms is surging. According to Allianz Trade, 95% of B2B buyers now prefer to pay per invoice, yet fewer than 10% of sellers are equipped to offer it online. With the B2B e-commerce market expected to double to $48 trillion by 2030 – making it six times the size of the B2C market – the need for embedded, scalable, and credit-insured payment infrastructure has never been more urgent. Two's advanced underwriting technology and growing global presence position it to lead this transformation and meet the evolving expectations of modern business buyers.
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.'
Kristian Øvsthus, Managing Partner at Idékapital – who will serve as a board observer, added: 'We invested in Two because of the exceptional ambition and talent of the founding team. 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.'
Mo Koyfman, Founder & General Partner at Shine Capital, noted: '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.'
Egil Garberg, Investment Director at Investinor, said: 'Two is proving that B2B payments don't need to lag behind consumer 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, said 'B2B payments remain one of the largest untapped opportunities in fintech – trillions in volume still move through manual processes, with poor UX and limited access to credit. 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.'
This new round of Two Funding is a big step forward for the company's global growth and will help it change the way B2B payments are made.
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