Billhop, a Swedish company which enables businesses and individuals to pay their invoices by credit card, has closed a €4 million Series A investment round from fintech venture firm Element Ventures.
Billhop said that the latest investment from Element Ventures will be used for further product development and to strengthen Billhop’s sales, marketing and customer support functions, in order to meet growing demand for working capital financing solutions, now accelerated by the global economic uncertainty brought about by the pandemic.
This is the payment platform that enables businesses, enterprises and individuals to pay any invoice by credit card, regardless of whether the supplier accepts card payments.
Billhop manages the entire payment process without onboarding the end recipient of the invoice payment.
The Swedish firm said that 50,000 European companies, including a growing number of Fortune 500 companies is utilising its platform.
Sebastian Andreescu, CEO and Co-founder of Billhop comments,
“We are very pleased to have the backing of Element Ventures and look forward to working with Michael, whose experience and knowledge within the financial sector will be a valuable resource for Billhop.
The new capital will enable our accelerated growth plan which entails expanding the team, increasing our market footprint, and further developing and improving our solution for European businesses of all sizes.
Featured image: (From left) Ingemar Sjögren, CFO of Billhop, Sebastian Andreescu, CEO & co-founder of Billhop and Erik Malm, CTO of Billhop
