Billhop raises €4 million in a Series A round backed by London-based VC Element Ventures.
Billhop, a Stockholm, Sweden-based B2B payment service provider, announced that it completed financing of a €4 million ($4.9M) in Series A capital round.
The money was raised from the London-based fintech VC Element Ventures and will be used for hiring people for business expansion.
Billhop, founded in 201 by CEO Sebastian Andreescu, Erik Malm and Ingemar Sjögren, developed a payment service enabling businesses to pay invoices with cards regardless if the end beneficiary accepts card payments or not. No onboarding of the end beneficiary is required allowing Billhop to enable 100% of supplier payments on card instantaneously, and charging a flat 2.95 percent service charge, applied when customers re-pay.