# Two: Digitizing B2B Payments at Scale
Two is a Norwegian fintech platform that has fundamentally reimagined how businesses buy and sell on net terms. Founded in 2020 and launched commercially in 2021, the company transforms what was historically a paper-driven, offline process into a frictionless digital experience that mirrors consumer e-commerce checkout flows.[1][4] By automating credit underwriting, fraud prevention, and collections, Two enables merchants of all sizes to offer flexible payment terms to business buyers instantly—completing transactions in approximately 30 seconds rather than days or weeks of manual processing.[4]
The company serves a massive, underserved market: trillions of dollars in B2B payment volume still moves through manual processes with poor user experience and limited access to credit.[2] Two's solution directly addresses this gap by providing instant upfront payments to sellers, flexible net terms for buyers, and AI-driven fraud prevention, positioning itself as the foundational infrastructure layer for modern B2B commerce across Europe and beyond.[1][2]
High-Level Overview
What Two Builds: Two operates a net terms infrastructure platform that automates the entire order-to-cash lifecycle for B2B transactions. The platform combines real-time credit underwriting, AI-powered fraud prevention (powered by proprietary risk engines named Delphi and Frida), and seamless API integration to enable merchants to offer instant credit decisions and flexible payment terms across all sales channels—online storefronts, direct sales, and in-store purchases.[1][3]
Who It Serves: Two serves both large enterprises and SMEs across Northern Europe, with particular strength among retailers and e-commerce businesses. The company has already secured partnerships with major players including Visa, ABN AMRO, Qliro, Avarda, and Wikinggruppen, and counts Elkjøp (a leading Nordic retailer) among its customers.[1][3]
The Problem It Solves: B2B buyers traditionally face friction when purchasing on net terms—lengthy credit assessments, limited access to flexible payment options, and manual invoice processing. B2B sellers, meanwhile, struggle with cash flow delays and the operational burden of credit risk management. Two eliminates this friction by automating underwriting and collections while giving merchants full control over credit approvals and buyer management.[1][3]
Growth Momentum: Two is experiencing explosive growth, projecting over 150% year-over-year growth in both revenue and payment volume for 2025.[1] The company has already onboarded more than 200 merchants across Europe and operates with a lean, globally distributed team of 70+ employees across 15 countries and 4 offices (Oslo, Stockholm, Glasgow, London).[1][2][5]
Origin Story
Andreas Mjelde, the CEO and co-founder, conceived of Two while running his own e-commerce business. He encountered firsthand the pain of B2B transactions: larger order values from business customers, but a payment process mired in paperwork, manual verification, and delays that often resulted in lost sales.[4] Recognizing that the B2B payments infrastructure had not evolved at the pace of consumer fintech, Mjelde founded Two in 2020 with an explicit mission: make selling on net terms as easy as accepting card payments.
The company launched its product in Q2 2021 and immediately demonstrated strong product-market fit, growing 243% quarterly in its early stages.[4] By March 2023, Two had raised €28 million (approximately $30 million) in a Series A led by Shine Capital and Antler, with participation from prestigious investors including Sequoia Capital, Day One Ventures, and LocalGlobe.[4] This early validation from top-tier venture firms signaled confidence in both the market opportunity and the team's execution capability.
In July 2025, Two raised an additional €13 million to accelerate scaling with enterprise customers, bringing new institutional investors Investinor and Idékapital into the cap table.[1] This funding round reflects the company's trajectory from promising startup to essential infrastructure provider for B2B commerce.
Core Differentiators
Real-Time Underwriting Engine: Two's proprietary credit and fraud assessment technology enables instant credit decisioning without manual review. This is fundamentally different from legacy B2B payment solutions that require days of underwriting. The speed—completing transactions in 30 seconds—directly mirrors consumer checkout experiences and removes the primary friction point in B2B purchasing.[1][4]
Unique Banking Partnerships: Two has cultivated deep relationships with major financial institutions including Allianz, Santander, and ABN AMRO, as well as payment networks like Visa.[1][2] These partnerships provide the capital infrastructure and regulatory credibility that enable Two to offer instant upfront payments to sellers while managing credit risk at scale.
Omnichannel Flexibility: Unlike point solutions, Two works across all sales channels—online storefronts, direct sales (phone, email, in-person), and in-store purchases. This versatility makes it genuinely useful for merchants with diverse customer acquisition and sales models.[3]
Developer-First Integration: Two's API is designed to function like familiar payment methods, reducing integration complexity for enterprise systems. Combined with quick onboarding and role-based access controls, this lowers the barrier to adoption for large organizations with complex IT requirements.[3]
Proven Scalability: Two has already demonstrated the ability to scale rapidly from startup to serving 200+ merchants across Europe while maintaining high credit quality and low fraud rates. This operational track record is rare among fintech infrastructure companies and reduces execution risk for potential customers and investors.[1][2]
Role in the Broader Tech Landscape
Two is riding several powerful macro trends simultaneously. First, the digitization of B2B commerce is accelerating as businesses increasingly demand the same frictionless, technology-enabled experiences they enjoy as consumers. Legacy B2B payment processes—invoices, purchase orders, manual credit checks—are becoming competitive disadvantages.[1]
Second, the shift toward flexible financing models reflects changing buyer preferences. Rather than requiring upfront payment or traditional bank loans, modern businesses expect embedded credit options at checkout. Two enables this shift by making flexible terms economically viable for sellers through automated underwriting and risk management.
Third, the fintech infrastructure wave has demonstrated that foundational payment layers can become enormously valuable. Just as Stripe revolutionized online payments for e-commerce, Two is building the equivalent infrastructure layer for B2B net terms. The market opportunity is substantially larger—trillions in annual B2B transaction volume—and the competitive landscape remains fragmented.[2]
Timing is critical: European businesses are further along the digital transformation curve than many other regions, making Northern Europe an ideal beachhead market. Two's early mover advantage, combined with partnerships with major financial institutions and payment networks, positions it to become the de facto standard for B2B net terms infrastructure before larger, slower competitors can respond.
Quick Take & Future Outlook
Two is executing on a genuinely large market opportunity with a team that understands both the merchant perspective and the technical complexity of B2B payments infrastructure. The 150%+ YoY growth trajectory, expanding enterprise partnerships, and institutional investor backing suggest the company is transitioning from promising startup to essential infrastructure provider.
The next phase will likely involve geographic expansion beyond Northern Europe, deeper integration with enterprise resource planning (ERP) systems, and potentially expansion into adjacent B2B financial services (working capital financing, supply chain finance). The company's ability to maintain credit quality while scaling will be the critical test—if Two can grow transaction volume without proportional increases in fraud or credit losses, it will have proven a defensible, scalable business model.
Ultimately, Two represents a broader shift in how B2B commerce operates: from manual, friction-filled processes to automated, data-driven, consumer-grade experiences. If the company executes on its vision, it could reshape how millions of businesses transact globally, making it one of the most consequential fintech infrastructure companies of this decade.[1][2]
