Digital payment is becoming more attractive to consumers, thanks to technological advancement. Buy Now Pay Later (BNPL) is one such service.
BNPL, the purchase solution has seen exponential growth over the past few years, particularly during the COVID-19 pandemic, as the world sank into an unprecedented economic situation.
According to the report by Worldpay, the buy now, pay later (BNPL) market is expected to grow 181 per cent by 2024 and will account for 13 per cent of all global e-commerce payments that same year.
What is Buy Now Pay Later (BNPL)?
Buy Now Pay Later (BNPL) is short-term financing where consumers can purchase a product and pay for them at a future date, often interest-free. This can help consumers better manage purchases by cutting them into installments, easing customers’ financial strains.
As per another report, close to 40 per cent of millennials would be very interested in using BNPL solutions if they were more widely available within digital wallets.
Meet Biller
To capitalise on the exploding market, former Mollie and Klarna senior managers have developed Biller, an AI-powered Buy Now, Pay Later invoicing solution to solve the problems of B2B purchasing.Â
Derek Vreeburg, co-founder and CEO of Biller explains why he is excited to launch Biller, “Current B2B invoice solutions have lacked innovation for years. 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”
The Amsterdam-based company is planning to help e-commerce leaders reduce risk, optimise cash flow and exceed buyers’ needs and expectations.
Notably, the Biller team is co-building its company with Slimmer AI, a European AI B2B venture studio. Notably, Slimmer AI builds and supports new B2B software ventures that apply AI to disrupt industries, recently spun-out regtech startup Sentinels.
Last month, Amsterdam-based AI company Sentinels raised €5.7M funding in a Seed Round led by INKEF Capital, with participation from strategic angel investors and industry leaders including Thijn Lamers and Maikel Lobbezoo, members of the original Adyen team. To date, the company has raised €8.4M in funding.
JC Heyneke, CEO Slimmer AI, “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. We are thrilled to partner with Derek, Mick, and Uwe to build Biller!”
The Biller founding team of Derek Vreeburg, Uwe van Rensburg and Mick Gromotka brings together over 30 years of experience in the payment industry serving at companies like Klarna, Mollie, Yolt, and Rocket Internet.
