After securing a €6 million seed funding, obtaining a €20 million credit facility from Avellinia Capital, and proving model in their core market, Sprinque initiates its expansion strategy
The Dutch FinTech startup opens offices in Berlin and Madrid
With this move, Sprinque is aiming to offer its B2B payment platform to European merchants to enable them to grow their revenue safely across Europe
Amsterdam, September 12, 2023 - Sprinque, the most flexible cross-border B2B payment provider, today announces its expansion into Germany and Spain with the opening of new offices in Berlin and Madrid. The Dutch FinTech is opening new offices in Berlin and Madrid and appoints Mikko Riikkinen and Jaime de Wenetz as Country Managers, both veterans of the FinTech and BNPL industry. This strategic move comes after a successful start to 2023, where Sprinque secured its €6 million seed funding and a €20 million credit facility from Avellinia Capital. The latter will enable Sprinque to finance transactions worth around €200 million per year.
International transactions without different suppliers
The B2B payment platform, founded in Amsterdam in 2021, is expanding to Germany and Spain with the goal of conquering the European market and solidifying an alternative financing model, capable of mitigating delays, expanding the liquidity capacity of companies, managing payments and carrying out international transactions while providing buyers the best in class B2B payments experience.
"Our mission is to enable merchants to use credit and payments as a strategic tool to build a thriving, cross-border business. The challenge ahead is enormous. B2B commerce, payments and credit have seen very little innovation over the last century." - Juan Espinosa, Co-founder and CEO of Sprinque
“The B2B commerce sector is becoming more digitized. Yet, it lacks to offer business clients flexible and convenient payment options, which dampens the possibility of international transactions and growth. Avellinia Capital believes that Sprinque will become a leading B2B provider in the payment sector and is proud to accompany them on their journey.” - Christoph Pfundstein, Partner at Avellinia Capital
Sprinque enables sellers the ability to embed their solutions via APIs, ecommerce plugins Magento, Prestashop, and WooCommerce, for example), and to utilize their services for transactions that originate via offline sales channels. When a buyer selects the pay-by-invoice option, Sprinque performs an instant fraud and credit risk assessment (with a 95% approval rate).
Once approved, a revolving credit line is issued, one that buyers can use for multiple purchases. Sprinque owns all default and fraud risk for approved buyers, and offers the sellers the ability to decide when they get their funds for the transactions. B2B sellers can leverage this service across the whole of Europe and grow internationally. Sprinque is initially targeting merchants in the Netherlands, Spain, and Germany, but is looking to expand to other countries quickly.
Sprinque is a B2B payment platform that enables merchants and marketplaces to trade seamlessly with business customers across Europe by inserting trust at first order. Sellers can conveniently service international buyers by giving buyers the payment flexibility they need to complete the transaction while risk management, financial operations and dunning are handled by Sprinque. This allows sellers to grow safely across Europe and beyond in a digital world.
The FinTech startup was founded in 2021 by Juan Espinosa CEO, Manoj Tutika CTO and Mark Holleman CPO in Amsterdam. After a €6 millionseed funding and securing a €20 million credit facility, Sprinque is now expanding in Europe. Today, Sprinque has 30 employees in Amsterdam, Berlin and Madrid.
For more information, visit www.sprinque.com