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B2B buy now, pay later startup Two raises €18M

Mar 21, 2023
Illustration of a hand making a thumbs up with hundred dollar bills sticking out of the sleeve

Illustration: Sarah Grillo/Axios

Two, a payments startup specializing in B2B commerce transactions, raised €18 million in Series A funding led by Shine Capital and Antler

Why it matters: Two wants to make purchases between businesses seamless by taking care of the fraud and underwriting risks inherent in large B2B transactions, while also paying sellers upfront.

  • According to Two founder Andreas Mjelde, the business has three main components: fraud detection, credit decisioning and managing the money flows between buyer and seller.
  • "We don't think a merchant that sells B2B should need to manage working capital or risk or any of these processes," Mjelde says.
  • The company partners with banks and other capital providers to pay sellers while buyers pay on terms similar to consumer BNPL services.
  • Two works with small and medium-sized merchants in the UK, Norway, Sweden and the Netherlands. And through a partnership with Allianz and Santander, it can support large, multinational merchants across Europe and North America,

Between the lines: Before Two, Mjelde was the founder and CEO of, one of the largest e-commerce marketplaces in LatAm.

  • It was there that Mjelde got to know the pain points of B2B payments, as about 20% of its sales were to business customers.
  • "B2B customers really want to move online. But you cannot serve them with a manual, old-school way of doing business," he says.

Of note: Other investors in Two include Sequoia Capital, Day One Ventures, Alumni Ventures, LocalGlobe, The Visionaries Club and Alliance VC.

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