Billhop, a Stockholm-based payment institution that allows businesses and individuals to pay their invoices using their existing card, has secured €4 million (approx £3.5 million) in Series A investment round from financial technology VC Element Ventures.
Based out of London, Element Ventures is a global venture capital fund investing in B2B financial technology companies.
Sebastian Andreescu, CEO & co-founder of Billhop comments: “We are very pleased to have the backing of Element Ventures and look forward to working with Michael, whose experience and knowledge within the financial sector will be a valuable resource for Billhop. The new capital will enable our accelerated growth plan, which entails expanding the team, increasing our market footprint, and further developing and improving our solution for European businesses of all sizes.
“Billhop is an elegant solution to this by partnering with card programmes to turn credit card lines into broadly usable working capital financing. The company had remarkable data demonstrating the development path they’d been on since 2019. They’ve tripled revenue, hit €270 million in payment volume, ]and now have 50,000 customers using the platform. We met the founders at this crucial inflexion moment, and we wanted to be a part of it,” adds McFadgen.