Sprinque, a European B2B payments platform, has scored €6m in a seed funding round led by Connect Ventures.
The round also saw participation from Kraken Ventures, SeedX, Inference Partners, Antler, Force Over Mass and Volta Ventures.
Sprinque’s B2B payments platform enables merchants and marketplaces to offer Pay by Invoice with net payment terms to buyers online, without taking on additional risk or increasing operational overhead.
Sprinque is a white-labeled solution that can be fully embedded via their APIs, their Magento, Prestashop and WooCommerce plugins, or operated offline via their Merchant Control Center.
Sprinque presents a solution that helps B2B merchants improve both conversion and retention. The Sprinque platform mitigates risk by taking on all defaults and fraud risk, as well as automating the end-to-end process of offering Pay by Invoice with net payment terms at scale.
On the buyer-end, Sprinque performs a real time fraud and credit risk assessment (with a +95% approval rate) when buyers create an account with the merchant, or when they select “Pay by Invoice” at checkout. When approved, Sprinque issues a revolving credit line buyers can use for multiple purchases. Sprinque then pays the merchant when the final invoice is issued, taking away the risk of default.
Sprinque CEO and co-founder Juan Espinosa said, “We’ve identified this problem across every B2B industry. Buyers won’t convert and be retained if the ability to Pay by Invoice is not given to them, but the existing offline and manual processes B2B merchants rely on are not adequate to manage risk and serve hundreds of online buyers across multiple geographies.
“Sprinque has been built to enable merchants and marketplaces to offer Pay by Invoice with payment terms in the most seamless way possible for the most ambitious merchants.”
Percent, a modern credit marketplace, has received an investment from Nomura Strategic Ventures’ debt fund.
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