Since launching in 2021, Oslo-headquartered Two  has grown 243% quarterly based on the simple premise that, in the 21st century, there is no reason for B2B payments to be as complex and analogue as they are currently. Two offers SMEs an innovative payment solution, reducing the significant time lag in the order-to-cash process, ensuring fraud is drastically reduced through an AI-powered risk processor: seeking to make it as simple for businesses to purchase online as it is for an end-consumer.

Now operating across 15 countries (offices in Oslo, Stockholm, Glasgow, London and New York), over 70 employees and partnerships with leading financial institutions including Santander, Allianz, ABN AMRO, and Kravia AS, Two streamlines B2B transactions while prioritising corporate cash flow management. Two offers an API through which merchants can offer three types of net terms in a genuinely flexible, efficient manner:

1. Installments - Buyers can pay back for purchases over 12 or 36 months 

2. Business Invoice - Payment is made by buyers up to 90 days later (though immediate upfront payment is made to the seller by Two)

3. Monthly Invoice - The buyer can place many orders against the billing account, and they receive and pay a monthly statement 

Co-founder Andreas Mjelde’s own previous experience running an ecommerce business allowed him to identify the persistent issues of delayed business payments and convoluted net terms processes. Having experienced first-hand the difficulties merchants face with inadequate payment mechanisms, Andreas understands directly the cost of analogue, poorly constructed B2B sales infrastructure and its effect on a company’s cashflow. Seeking an innovative alternative to the outdated and needlessly complex approach to B2B payments, in 2020 he began - alongside Joachim Krüger (CPO), and Stavros Tamvakakis (CFO) - to build Two as a solution.

In 2023, Two announced a $19.4 million investment led by Shine Capital and Antler, with participation from Sequoia Capital, Day One Ventures, Alumni Ventures, LocalGlobe, The Visionaries Club, Alliance VC and other unnamed investors. Following this round, the total raised by the company stands at approximately $30 million.

How Two Combats Late Payments and Widespread Fraud within B2B Sales

A consistent, major concern of small and medium-sized enterprises is late payment - in the UK alone it costs SMEs on average £22,000 a year and in total 56 million hours of lost productivity. With some firms waiting months for contracts to be fulfilled, their cashflow is left in a state of flux, growth curtailed and, for many, their operational ability is seriously hindered. 

Small businesses are also increasingly at risk of fraud, with global losses in B2B trade amounting to $48 billion annually.

Two offers a means to combat these two major SME obstacles through its time-saving order-to-cash automation process which secures upfront payment, net terms and reconciliation in a matter of seconds for sellers, while also allowing an instalment payment structure for buyers. Its two AI-powered risk engines ensure seamless credit underwriting as well as cutting-edge fraud prevention - with €70 million worth of fraud losses prevented in 2023.

Andreas Mjelde, CEO & co-founder of Two comments: “At a time when B2B commerce represents $120 trillion in annual payment volume, the fact that it lags so far behind the consumer space in terms of digital innovation is an affront to merchants worldwide. Two is dedicated to transforming the B2B sales process, bringing it properly online, removing onerous wait times and radically simplifying payments for both buyers and sellers.”

Two’s product suite:

B2B Buy Now Pay Later

Trade credit has long been the staple of the B2B space, entrenching cash flow insecurity and the need for the seller to adopt credit and fraud risk. By implementing a Buy Now Pay Later (BNPL) system, Two offers complementary solutions to both buyer and seller, with the buyer allowed to defer payment or divide purchase instalments over a certain period; the seller receiving upfront payment, with credit risk transferred to the service provider (Two). 

Two’s BNPL approach is beneficial across multiple verticals for businesses: offsetting credit and fraud risk, securing cash flow, reducing/eliminating manual admin work and increasing conversion rates. One merchant that uses Two - Glamit - saw order processing times reduced to such an extent that approximately 3 days on average per week are now saved, with a 25% surge in their conversion rate and 72% of its B2B customers choose Two as preferred checkout payment method.

Order-to-Cash Automation/Cash Flow Management 

Two automates and accelerates the typically arduous order-to-cash process, which in its traditional analogue form forces businesses to wait up to 90 days to receive payment. By digitising this, efficiency gains occur and enterprises no longer need chase payments. 

Two automatically generates an invoice based on a business’ requirements and adapted to its branding and tone of voice, with flexibility to edit orders (even after fulfilment), followed up by seamless reconciliation (reducing any need for manual accounting) that instantly updates the business’ credit. Unlocking the money in a B2B contract without delay, through upfront payouts, significantly improves business cash flow, supporting growth and ensuring monetary security. 

Frida and Delphi - Risk Mitigation and Credit Approval

Two mitigates the associated credit risk of B2B transactions using in-house AI tools that deliver 7x higher credit limits and reduce losses by 97%. Its anti-fraud AI system Frida can handle 5,000 transactions per second, providing businesses with confidence that they can sell securely at scale. Delphi, its other AI risk underwriter, offers buyers credit approval in under 2 seconds, with a 90% acceptance rate, ensuring a frictionless checkout process.  

Recourse Fallback 

Introduced in April 2024 in the UK and Sweden and acting as an extension to Two’s existing credit approval systems, ‘Recourse Fallback’ allows customers to continue placing orders even if they have reached their credit limit. The feature is fully customisable for merchants - allowing flexibility to update customers’ recourse limits at any given time. Businesses that have adopted ‘Recourse Fallback’ have seen significant order increases, with online wholesale marketplace Creoate seeing a 66% increase in Total Order Value thus far in 2025.

Two Senior Team

Andreas leads Two’s vision of fuelling economic growth by helping merchants convert sales as easily as possible. Previously, Andreas founded Linio Group, a B2C product marketplace in South America, which he grew to over $100 million in sales and later sold to the bank Falabella in 2019. Drawing from his time leading Linio, Andreas identified inefficiencies in B2B payments, leading to the creation of Two in 2020. 

Joachim Krüger - Chief Product Officer & Co-Founder at Two

Joachim brings his experience as a serial entrepreneur and founder to Two’s product design. He has previously worked across a range of industries, providing expertise in Solutions Architecture, Software Development, AI and Product Deployment at firms such as Transpot AS, MCash and Monozuki.