Stockholm-based FinTech company Treyd has secured a $12m extension of its Series A funding, as it looks to expand its product offering.
The investment brings the firm’s total investment to $25m, as it aims to expand its existing markets, enhance their core product offering, and work towards achieving profitability.
The round is led by Swedish investment company Nineyards Equity, together with Antler, Zenith VC, and J12 Ventures.
Peter Beckman, CEO and co-founder of Treyd, told Tech.eu: “Since launching the ‘sell first, pay suppliers later’ category three years ago, we’ve had an overwhelming response from the brand and retail community.
“Today, we’re helping the growth of hundreds of the most exciting fast-growing SMEs across the UK and Nordics. With this latest investment, we will be able to yet further improve our support of these and many more companies, by fundamentally upgrading our platform and product offering.”
Treyd has made significant strides in the retail industry by providing upfront payments to suppliers on behalf of growing retail businesses, through its ability to help retail businesses thrive by allowing them to sell products first and pay suppliers later.
This offering has enabled the growth of hundreds of small and medium-sized businesses (SMBs) across the United Kingdom and the Nordics.
“We’re impressed by what the team has achieved in this short period of time, especially in this market environment. Treyd’s ability to deliver cost-effective triple-digit growth while maintaining best-in-class default rates, is a proof point of their ability to navigate and execute, and also the true value-add Treyd brings to SMEs worldwide,” says Stefan Nordahl, founder and CEO of Nineyards Equity.
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