Ex-Klarna and Mollie executives have developed a new buy now, pay later (BNPL) invoicing product to solve B2B purchasing problems, The Fintech Times reported.
With the new product, which is called Biller, commerce leaders will be able to cut down on risks and optimize cash flow, according to the report. Biller was built in response to the rapid growth of the B2B commerce space, which the company said was inefficient at providing the right product for the checkout experience or adding flexibility.
With Biller, features offered include real-time, artificial intelligence (AI)-powered credit and fraud checks, flexible payment terms, personalized debtor management and guaranteed payouts, the report stated.
The Biller team is working alongside Slimmer AI, a European B2B venture studio which recently spun out RegTech startup Sentinels, according to the report.
“Current B2B invoice solutions have lacked innovation for years,” said Biller Co-Founder and CEO Derek Vreeburg, per The Fintech Times. “With our experience at Klarna and Mollie, we know how to transform complex processes into easy-to-use services. Combined with the AI expertise of Slimmer AI, we are confident that we can challenge the status quo and contribute to the next chapter in online B2B commerce.”
Slimmer AI CEO JC Heyneke said, per the report: “We are convinced that machine learning will reshape the way credit risk assessment in B2B is done, and that this is needed to evolve B2B eCommerce.”
BNPL has been popular for some time now, with B2B merchants beginning to look into how it can help them, PYMNTS reported. While it’s not exactly new for B2B to use BNPL services, merchants are considering how to replicate the seamlessness of B2C BNPL solutions in a context for B2B trade with all its nuances.
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