The funding round is the world’s largest to date in the B2B BNPL market.

Billie, a fintech targeting its BNPL offering at the B2B market, announced today its $100 million Series C raise led by Dawn Capital, and joined by Klarna and Tencent, alongside existing investors Creandum, Speedinvest, Picus and GFC. At $640 million, the startup succeeded in quadrupling its valuation over a previous Series B round that raised $35 million in 2019. (Billie)

Billie: Use of funds

The Berlin-based company passed the 100,000 customer mark earlier this year but will nevertheless use the new round to enhance Billie Boost, its BNPL product for B2B, with new features including longer payment deadlines, installments, special offers for B2B marketplaces, e-invoicing and more.

Billie is also eyeing an international expansion and better technical integration with partners such as Klarna and others.

Founded in 2016, Billie’s platform already features proprietary, machine-learning-supported risk models, fully digitized processes and is highly scalable.

Also helping Billie’s lending volumes will be refinancing lines of $200 million per month provided by a consortium of German banks led by VVRB (Vereinigte Volksbank Raiffeisenbank eG) with participation from Raisin Bank and Varengold Bank.

The fintech has about 130 employees.

BNPL and consumer behavior

“Buy Now, Pay Later for business customers, is still at a very early stage, and worldwide, there is nearly no provider of a BNPL product like what Klarna offers for B2C,” said Dr. Matthias Knecht, co-founder and co-CEO of Billie. “We aim to close this gap.”

Knecht said Billie intended to establish BNPL as the leading payment method for business customers.

“BNPL for B2B is still in its infancy phase—even though the demand has never been higher,” said Sebastian Siemiatkowski, CEO and Co-Founder at Klarna. “We are here to solve problems and by being able to offer this service to our merchant partners together with Billie, we are doing just that. Something we also underline with our investment in Billie.”

Related story: FinTech: New, Innovative BNPL Solutions