Sprinque raises €1.7m to redefine online B2B payments
When consumers order something online, they expect a smooth, streamlined payment process. For online B2B purchases, that’s not the case. Sprinque is set out to redefine online B2B payments. The Amsterdam-based checkout platform for B2B merchants and marketplaces offers a SaaS payment solution tailored to businesses’ needs. Sprinque has raised €1.7m in funding from Volta Ventures, Force Over Mass and a renowned group of angel investors and payments industry executives.
Smooth payment processes for businesses
Sprinque built a digital checkout infrastructure to make business transactions as frictionless as ordering something from a consumer webshop. Their SaaS solution only needs one single integration and offers a multitude of business-specific options. These include pay with net 30-, 60-, and 90-day terms, split payments, and pay on milestones. It also provides access to multiple payment methods, including Pay by Bank, allowing buyers to settle invoices using their online bank account or mobile bank app. Sprinque’s checkout platform automates all payment workflows and will offer merchants the option to get instantly paid.
“Frictionless checkout infrastructure”
The Amsterdam-based fintech is founded by Manoj Tutika (CTO), Mark Holleman (CPO), and Juan Espinosa (CEO), who all met at Antler Amsterdam, which subsequently invested in Sprinque. “We’re experiencing the next tech wave, as B2B commerce is quickly migrating to digital channels, further accelerated by Covid19”, says Espinosa. “There are now over 300 B2B marketplaces in Europe and the majority have been founded in the past five years. But when it comes to B2B payments, everything still happens offline. At Sprinque, we are out to build a frictionless checkout infrastructure for digital B2B commerce. Our goal is simple: we want to help B2B marketplaces and merchants grow their business while reducing costs.”
Sprinque has raised €1.7m in funding from Volta Ventures and Force Over Mass. Both have invested in numerous fintech and B2B startups, such as Banxware, Cashforce, Blanco and Shieldpay. Sprinque’s Mark Holleman says: “The complementary skill set, brought together by Antler, is what makes this team of founders a great match for investors. Volta understood the opportunity right from the start, and with Force Over Mass, we have partners experienced in the B2B and fintech field and with an international portfolio.”
‘Clear vision on B2B payments’
Filip Coen, Partner at Force Over Mass, says he is excited to invest in Sprinque. “Vendors are spending millions to build online platforms for B2B trading, but their payment processes are often lagging way behind. Sprinque not only offers a solution for these businesses, but they also have a team that can successfully deliver. There’s a clear vision on how end-to-end business payments should work, and together, we can see them take their product international.” Sander Vonk, partner at Volta Ventures, adds: “B2B payments is a challenging problem to solve, we feel the experience the team brings and the early traction they have shown makes for a great combination able to tackle the problem.”
Renowned group of angels
Several angel investors with extensive experience in the B2B and finance industry also joined the round. The group includes Gaston Aussems (ex-CEO, Mollie), Matt Robinson (founder, GoCardless), Charlie Delingpole (founder & CEO, ComplyAdvantage), Rainer Majcen (ex-CEO, finance BPO at Arvato Financial Solutions), Chris Adelsbach, and Great Stuff Ventures.
“Speed is of the essence”
The funding allows Sprinque to build out their product and onboard the first clients on the ever-growing waiting list. Espinosa: “We’re aiming to grow to process €100m in payment transactions next year.” Holleman adds: “Speed is of the essence now. We’re facing a blue ocean full of opportunity. With this funding, we can conquer a large part of the vast open space ahead of us.”