Two has raised €13M in a funding round led by Idékapital and Shine, with support from new investor Investinor and existing backers Sequoia Capital, Antler, Alliance Ventures, Arkwright, and Local Globe. The round lifts total funding above €40 million and fuels our next phase: making instant, trusted net-terms available wherever businesses trade.
Scaling Where Demand Is Highest
The B2B payments market is projected to top $3.5 trillion by 2033. Yet cross-border trade still runs on manual credit checks, paper invoices and slow collections that cost sellers 2–5 % of revenue. With this funding we will deepen our U.S. footprint and enter selected Western European markets, connecting U.S. buyers to European suppliers, UK buyers to Nordic sellers - and the reverse - all on one network.
Building Infrastructure, Not Another Payment Button
Trade collapses when trust is missing. TwoNet embeds real-time risk decisions and guaranteed settlement directly in the transaction flow. Our risk engines—Frida for fraud and Delphi for credit—learn from every order, instantly approving legitimate buyers while keeping loss rates low. More than 200 merchants already rely on this infrastructure to convert buyers they would otherwise turn away.
“We are the ‘Two’ in B2B, and we’re on a mission to make selling on net terms as easy as accepting card payments. We’ve proven that merchants want flexible payment solutions built for how businesses actually buy, not just consumer tools rebranded for B2B. Our platform solves a specific problem - sellers reject 35% of legitimate buyers due to outdated credit assessment. This funding validates our network approach: every transaction teaches our AI who to trust, creating compound value for all participants. We will use the capital injection to scale with large and global enterprise businesses, and we’re excited to add strong institutional investors with a long-term investment horizon like Investinor and Idékapital to the team.” says Andreas Mjelde, CEO and Co-founder at Two.
Why B2B Payments Are Broken - And How We Fix Them
Traditional B2B payments force sellers to become banks - assessing credit, financing purchases, chasing payments. It's inefficient and expensive. Two flips this model: our AI engines Delphi and Frida analyze millions of data points to make instant risk decisions, while our APIs handles the entire order-to-cash lifecycle.
Investor Perspectives
"We invested in Two because of the exceptional ambition and talent of the founding team. With deep international experience and a diverse, world-class team, they are uniquely positioned to scale globally. B2B payments is a massive and still largely untapped market. Two stands out through their combination of a powerful and modular software, deep understanding of the network effects in their industry and their dedication to solving a big problem. We believe they have what it takes to build a global category leader." shares Kristian Øvsthus, Managing Partner at Idékapital.
Mo Koyfman, Founder & General Partner at Shine Capital, noted: "The B2B payments market is approaching $100 trillion in volume, and is largely still processed with checks by Accounts Payable departments. Over the coming years, as we've increasingly seen with consumer payments, this market will also digitise. Two, and its experienced, ambitious team, is helping lead this transition with instant underwriting, seamless terms, and a global footprint, serving some of the largest companies in the world."
Egil Garberg, Investment Director at Investinor, says: “Two is proving that B2B payments don’t need to lag behind consumer solutions. They’re tackling an underserved market with a world-class team and scalable technology. Together with Sequoia, Shine Capital, Idékapital, and Antler, we’re proud to back Two as they build the next global standout fintech success from Norway.”
Mathias Owing Maanum, Partner at Antler adds "B2B payments remain one of the largest untapped opportunities in fintech - trillions in volume still move through manual processes, with poor UX and limited access to credit. Two’s platform is at the forefront, making it as simple to offer instant net terms as it is to accept a card from consumers. What sets Two apart is their real-time underwriting engine, unique banking partnerships, and proven ability to scale rapidly - already serving more than 200 merchants across Europe. We believe they’re building the foundational infrastructure for the next era of global B2B commerce, and we’re proud to continue supporting this exceptional team as they realise their bold vision."
The Path Ahead
As we look to the future, our focus remains on delivering value to businesses worldwide. The €13M investment marks a new chapter for Two, allowing us to continue enhancing our platform and expanding our reach to help more companies experience the benefits of frictionless B2B payments.
“The future of B2B payments is here, and we’re proud to be at the forefront of this change,” says Joachim Krüger, Co-founder and CPO at Two. “Trust is the currency of B2B. We're building the central bank: the missing trust layer between every business transaction globally.”
About Two
Two is on a mission to revolutionise B2B payments by making net-term selling as effortless as card payments. With a diverse team spread across 15 countries and offices in Oslo, Stockholm, Glasgow, London, as well as collaborations with leading financial institutions such as Allianz, Santander and ABN AMRO, Two has become a trusted payment enabler for B2B companies throughout Europe.
About Idékapital
Idékapital is one of Norway's leading growth and venture capital funds, backing ambitious founders and management teams building transformative B2B software and technology companies. With NOK 2 billion under management, we support teams with global ambitions and strong execution capabilities, helping them scale from early growth to international success and leadership.
About Shine
Shine is an early-stage venture capital firm that partners with creative, convincing, relentless entrepreneurs to create iconic businesses. Shine leads inception, seed, and Series A financings and backs partner companies as they continue to perform, maintaining perfect alignment with entrepreneurs. Shine invests in thematic applications of technology that tap into trends across technology, markets, and culture to gain conviction to place non-obvious, high-potential bets.
About Investinor
Investinor is Norway’s state-owned early stage venture capital firm. We manage around NOK 7 billion invested in about 60 companies and 30 funds, making us the country’s largest early-stage backer. Our vision is to build the businesses of tomorrow and deliver sustainable returns. We co-invest with founders, entrepreneurs, and private investors, and we run the State’s pre-seed and seed programmes, the 3K6 forestry fund, several regional VC funds, and Norway’s stake in the NATO Innovation Fund.
About Antler
Antler is the most active early-stage investor globally. The firm leads in ‘Day Zero’ investing, an approach to venture capital focused on partnering with founders pre-launch. Antler systematically removes capital and network constraints for early-stage technology entrepreneurs by providing co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding. The firm is present in 30 cities across most leading technology ecosystems globally and has made over 1,500 investments into early-stage startups. ‘Antler Elevate’ is an emerging growth Fund that invests in breakout companies from Antler’s early-stage funds, as well as category leaders outside its portfolio. The $285 million Fund supports founders across Antler’s global footprint and is managed from offices in London, Singapore, and New York.
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