Swedish startup Billhop

Billhop, a Swedish startup that enables businesses and individuals to pay their invoices by credit card, raised €4M in Series A investment round on 16 February 2021.

Investors: The funding round was led by financial technology VC – Element Ventures.

Purpose of Funding: The funds will be utilized by the company for further product development and to strengthen its sales, marketing and customer support functions. It is experiencing a growing demand for working capital financing solutions accelerated by the pandemic-driven global economic uncertainty. 

About Billhop

Founded in 2011 by Erik Malm, Sebastian Andreescu and Ingemar Sjögren, Billhop is a payment platform that enables businesses, enterprises and individuals to pay any invoice by credit card, regardless of whether the supplier accepts card payments. Billhop has a license from the Swedish Financial Supervisory Authority (Finansinspektionen). The company is headquartered in Stockholm and provides payment services on a cross-border basis under the Payment Services Directive.

Billhop manages the entire payment process without onboarding the end recipient of the invoice payment. The payment platform connects card infrastructure with the banking payout infrastructure. “With most credit card issuers offering an interest-free payment period exceeding 30 days, Billhop’s clients are able to extend their payment terms without straining supplier relationships. Suppliers are paid on time and the client’s cash balance is preserved until their credit card statement is due,” claimed the company.

Billhop claims that it is currently being used by more than 50,000 European companies, including Fortune 500 companies. Since the introduction of its corporate offering in January 2019, transactions have grown by 500% to-date. The company is offering its service to corporates across +20 markets in Europe and to SMEs across 5 markets. Billhop has been named among the fastest-growing companies in Sweden and also Sweden’s most disruptive company’, by Deloitte.

What the founders have to say: “We started looking into why it wasn’t possible to pay suppliers with credit cards if you were an SME and we quickly realised that card acceptance within the B2B space was less than 20% worldwide. This is how Billhop was first born. Our solution was a new take on working capital that was pretty unique in Europe, so we had to break new ground from educating the market to infrastructure setup and putting partnerships in place,” said Sebastian Andreescu.

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