UK-based Ontik raises €3.2M to help wholesalers replace spreadsheets with automated payment tools

London-based Ontik, a fintech startup, has raised $3.7M (nearly €3.28M) in a seed funding round, exceeding its original $2M goal. The startup provides automation for trade credit in B2B wholesale, aiming to replace manual processes with digital systems.

Chris Smith, co-founder of Ontik, says, “B2B wholesalers are the financial engine of the real economy—but most are still managing credit with spreadsheets, phone calls and handwritten notes. We’re giving them modern, automated workflows that save hours every day and unlock serious operational efficiency.”

Firstminute Capital led the round, which included participation from PT1, Illusian, FJ Labs, Seed X, Tiny VC, and strategic angel investors, including the founders of Slack and Affirm.

Sam Endacott, Partner at firstminute capital, adds, “Ontik is doing for trade credit what Stripe did for online payments. They’re giving real-world businesses the tools to operate with the speed and efficiency of modern tech companies—and the impact is already clear.”

Payment operations built for B2B wholesalers

Founded by brothers John and Christopher Smith, Ontik is building a platform to automate credit and collections for wholesalers. With experience in trade and prior company exits, the founders bring operational insight to challenges often left unaddressed by technology firms.

The company’s initial focus is the UK building materials sector, a market valued at £100B as per a statement from Ontik. Many merchants in this sector continue to use pen-and-paper systems for core functions. The company looks to replace these manual processes with digital tools, beginning with industries where extended payment terms are standard.

Ontik’s platform automates credit workflows for B2B wholesalers, starting with trade credit and expanding to other back-office operations. Its goal is to reduce the time spent on administrative work, allowing teams to focus on customer service and business growth. 

The company positions itself as the “Stripe for the real economy”, with plans to expand into other process areas within wholesale trade.

The platform automates the order-to-cash process, managing tasks such as issuing payment terms, invoice follow-ups, dispute resolution, and data syncing. It uses AI to streamline credit workflows and reduce manual effort.

Merchants using Ontik report over 60 per cent less time spent on payment follow-ups, more than 30 per cent faster cash collection, and over 25 per cent lower card fees, along with fewer and quicker dispute resolutions. 

Ontik integrates with ERP systems such as Merlin, Unleashed, and Intact, enabling rollout across multi-branch operations without altering existing workflows. The platform supports automation in sectors like construction supply, where transaction volume is high and teams face resource constraints.

In 12 months, the company has launched across more than 30 branches with merchants such as GH Brooks, AW Lumb, FORT, and Collier & Catchpole. It has over £1B in transaction volume in its pipeline and reports 30 per cent month-over-month growth.