Billhop, the Swedish company which makes every invoice and bill payable by card, has closed a €4M Series A investment round from financial technology VC Element Ventures.
Billhop skirts the issue of low card acceptance in supplier payments by acting as an intermediary between supplier and client, accepting credit card payments at one end and forwarding the cash to the creditor at the other. In this way, users get to pay thier due bills without putting an immediate strain on their liquidity.
The service, which charges a 2.95% transaction fee, is currently used by 50,000 European companies as well as by small businesses and individuals. Total transactions processed via Billhop, across all of its customer segments, exceeded €270M in 2020.
Sebastian Andreescu, CEO & co-founder of Billhop comments: “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."