By Oliver Smith on Tuesday 24 May 2022
Upgrade will see businesses instantly approved to buy now, pay later.
Online retailers looking to buy now, pay later for their purchases will soon have a smoother experience, as one B2B BNPL provider is embedding open banking data in its checkout.
Oslo-based Two (formerly Tillit) is a pay later provider that blends invoice financing with buy now, pay later, letting eCommerce merchants offer businesses payment terms of up to 90 days after purchase.
With the help of Yapily, Two’s payment flow can now instantly verify a buyer’s ID, check account information and can use transaction data to conduct fraud analysis.
“It's great to see yet another innovative fintech company like Two challenging the status quo to deliver greater flexibility for businesses across Europe,” said Stefano Vaccino, CEO and founder of Yapily.
“This is a brilliant example of how open banking can help cash-strapped businesses at a time when they need it most. I'm very excited for our journey together and look forward to seeing what’s next.”
Last year Two reportedly raised around €2.5m from Sequoia Capital, marking the legendary Silicon Valley investor’s first foray into the Norweigian tech market.
“Many SMEs across Europe are in recovery mode after spending nearly two years dealing with an unpredictable economic climate,” said Deane Barton, Two’s head of product.
“With Yapily and open banking, we are able to provide a safer, cheaper, and easier financial bridge for businesses that are ready to move forward.”