Oslo-based Two, a European B2B payments platform, has secured €13M in a strategic funding round. With this round, the company’s total funding has reached over €40M.
The current investment round was led by Idékapital and Shine Capital, with participation from new investor Investinor and existing investors Antler, Sequoia Capital, Alliance Ventures, Arkwright, and Local Globe.
Kristian Øvsthus, Managing Partner at Idékapital, will take on the role of board observer as part of the funding round.
Øvsthus says, “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.”
Two’s latest funding comes amid accelerating momentum for the company, with both revenue and payment volume projected to grow more than 150 per cent year-over-year in 2025. It has also entered into major partnerships with Visa, ABN AMRO, Qliro, Avarda, and Wikinggruppen over the past six months.
Capital utilisation
Two will use the proceeds to expand into the US and Western European markets. Within three months of its US launch, the region has contributed over 20 per cent of the company’s revenue.
The funding will also support the development of Two’s B2B payments infrastructure, which includes risk engines Frida and Delphi, a business onboarding solution, and deferred payment features. These systems are in use by more than 200 merchants across the Nordics and Europe.
Andreas Mjelde, CEO & co-founder of Two, says, “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.”
“We will leverage 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.”
Expanding B2B payment infrastructure
Two was founded in 2021 by Andreas Mjelde and Kiran Thomas after they repeatedly saw businesses depending on consumer-focused payment systems that did not align with their needs.
Using their own experience, they created a platform designed to make B2B payments more efficient by allowing buyers to use net terms with fewer barriers.
Two enables sellers to receive payments instantly, offers deferred payment options for buyers, and uses AI to manage fraud prevention, aiming to change how business transactions are conducted.
With operations across 15 countries and offices in Oslo, Stockholm, Glasgow, and London, Two collaborates with financial institutions such as Allianz, Santander, and ABN AMRO. Its infrastructure is already in use by companies across Europe, supporting transactions for both large businesses and smaller enterprises.
Mo Koyfman, Founder & General Partner at Shine Capital, says, “The B2B payments market is approaching $100T 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.”
Investors’ perspectives on Two
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.”
