Founder(s): Sebastian Andreescu, Ingemar Sjögren, and Erik Malm
Business: A payment service designed to enable payment of invoices and bills by credit or debit card.
Billhop was founded in 2013 by Sebastian Andreescu, Ingemar Sjögren, and Erik Malm, after they, collectively, started looking into why it wasn’t possible for SMEs to pay their suppliers with credit cards. They quickly realised that card acceptance within the B2B space was less than 20% worldwide, which led them to create Billhop; a payment platform which connected the card infrastructure with the banking payout infrastructure, allowing businesses to pay all their suppliers irrespective of whether the suppliers accepted business cards or not. Suppliers are paid on time and the client’s cash balance is preserved until their credit card statement is due.
Billhop has grown tremendously since its inception in 2013, recently named among the fastest growing companies in Sweden with a growth of 768%, having achieved +100% growth each year since.
Today, Billhop is used by more than 50,000 customers, including a growing number of Fortune 500 companies, across Europe. Since the introduction of its corporate offering in January 2019, transactions have accelerated by 500% to-date, while the total transactions processed via Billhop, across all customer segments, exceeded €270M in 2020.
Billhop recently just closed a €4M investment round led by Element Ventures, which 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. The funding will also be used to consolidate Billhop’s expansion to several new markets across Europe in the coming months.