Billhop, which simplifies the payment of invoices and bills, has netted €4m in its Series A investment.
The round was led by VC Element Ventures.
With the equity burst, the FinTech plans to accelerate its growth plan, hire more staff, increase its market presence and further the development of its products.
Based in Sweden, the FinTech company offers businesses and individuals with a payment service to simplify their invoice and bill payments. Users can easily add the details of the invoice to the platform and approve payments with their debit or credit card.
The FinTech has witnessed tremendous growth over the past few years, with its allegedly being one of the fastest growing in Sweden, the article states. Billhop has grown by 768% over the past three years.
Billhop CFO and co-founder Ingemar Sjögren said, “The pandemic has led to massive reductions in Travel & Entertainment (T&E) spend traditionally comprising the bulk of corporate card spend. It has forced commercial card issuers to find new avenues to stimulate card volumes.
“In supplier payments, the issue has always been the low card acceptance – this is something that Billhop instantly addresses. Whilst card issuers always had a willingness to promote Billhop to increase transaction volumes, we see that this appetite is intensifying in the absence of T&E spend.”
Fellow Swedish FinTech platform Savr recently collected $6m in a funding round to further the development of its digital finance platform. The company empowers users to invest their capital into technology funds and sustainable index funds.
Investment in the Nordics FinTech sector reached new heights in 2020, according to FinTech Global data. A total of $1.5bn was invested across 83 FinTech transactions last year, up from $1bn and 80 transactions in 2019.
With the rising strength of FinTech in the region, Wellstreet partner and head of FinTech Armando Coppola believes Swedish FinTech companies will look to grow internationally.
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