Cost Knowledgeable shines a highlight on the purchase now, pay later (BNPL) suppliers remodeling the trillion-dollar business financing market by increasing into enterprise lending
The business financing market has lengthy felt a lag impact on the fee improvements which have been reshaping the buyer area.
BNPL is one such innovation which has afforded customers added flexibility in how they pay and when – with zero curiosity hooked up. As key gamers out there have expanded from start-up roots, so too has their discipline of affect.
The rise of e-commerce in B2B means many companies are looking for the identical seamless checkout expertise they’ve seen within the client area, with digital procurement promising a shift away from guide, long-term commerce credit score processes.
Deferring prices, curiosity free, is one other good thing about BNPL companies want to leverage, as is the elimination of non-payment threat for retailers.
Beneath, Cost Knowledgeable spotlights 5 BNPL suppliers increasing into enterprise lending.
1. Affirm
Based: 2012
HQ: San Francisco
CEO: Max Levchin
Affirm spun out Resolve in 2019 as a devoted B2B financing arm to deepen its business lending publicity. It has since partnered with Amazon Enterprise to increase instalment choices to sole proprietor companies, providing pay-over-time phrases of three to 48 months at checkout.
A tie-up with JPMorgan Chase‘s funds unit makes its BNPL choices out there throughout the financial institution’s service provider community. Extra lately, Affirm agreed unique distribution offers with Intuit QuickBooks Funds and Expedia, embedding instalment lending immediately into invoicing and journey reserving infrastructure in a push into business-adjacent checkout.
Affirm’s mannequin is underpinned by a mixture of financial institution partnerships and capital markets funding, permitting it to originate loans whereas distributing threat throughout institutional traders. This construction has enabled it to scale past client lending into higher-value transactions, although it additionally exposes the enterprise to funding market circumstances and credit score efficiency throughout completely different borrower segments.
Within the B2B context, its growth stays centered on sole merchants and small companies, the place underwriting can nonetheless draw on consumer-style information indicators, quite than bigger corporates with extra complicated stability sheets.
2. Billie
Based: 2016
HQ: Berlin
CEO: Matthias Knecht
Based by the previous founders of SME lender Zencap, Billie is a pure-play B2B BNPL supplier, purpose-built for enterprise procurement quite than tailored from a client product. It makes use of machine learning-based underwriting to ship real-time credit score choices at checkout, with retailers paid upfront on cargo whereas enterprise patrons defer fee for as much as 30 days.
Billie has moved aggressively to embed its resolution throughout main fee infrastructure: it built-in with Adyen throughout Germany, Austria, Sweden and the Netherlands in February 2024, and have become the primary B2B BNPL supplier out there on Stripe‘s European platform in July 2024. Whole funding stands at over $150m, with Klarna and Tencent amongst its backers.
The corporate operates a merchant-first mannequin, assuming default threat whereas counting on a mixture of fairness funding and debt amenities to finance receivables. Its underwriting is centred on SME transaction information and behavioural indicators quite than conventional monetary statements, reflecting the necessity for real-time decisioning at checkout.
Billie’s place sits on the intersection of funds and short-term working capital, embedding financing immediately into present PSP infrastructure quite than working as a standalone credit score supplier.
3. Klarna
Based: 2005
HQ: Stockholm
CEO: Sebastian Siemiatkowski
Klarna’s B2B growth is pushed by ecosystem scale quite than a standalone product. With practically a million retailers globally and a rising suite of interest-bearing financing merchandise, it has the distribution infrastructure to increase longer-duration credit score to enterprise patrons.
Its Truthful Financing product – fixed-term, clear instalment lending designed to compete with revolving credit score – noticed gross merchandise worth (GMV) develop 165% yearly as of This fall 2025, with 151,000 retailers providing it. Klarna listed on the New York Inventory Change in September 2025 at a $15bn valuation, offering the capital runway to speed up its US and APAC business growth.
Not like pure-play B2B suppliers, Klarna’s strategy leverages its present service provider base and underwriting fashions developed within the client market, step by step extending into higher-value and longer-term credit score merchandise. This features a shift in the direction of interest-bearing financing, reflecting the economics of larger-ticket lending.
Working throughout a number of jurisdictions, Klarna additionally faces rising regulatory scrutiny round lending practices and client protections, which can form how its B2B providing evolves, notably the place distinctions between client and enterprise lending are much less clearly outlined.
4. Mondu
Based: 2021
HQ: Berlin
CEO: Malte Huffmann and Philipp Povel
Based by the co-founders of Latin American e-commerce platform Dafiti, Mondu is a pure-play B2B BNPL supplier constructed from the bottom up for enterprise procurement. Its product suite covers bill funds with web phrases of 30 to 90 days, SEPA direct debit, and instalment plans of three to 12 months, with Mondu assuming default and fraud threat on behalf of retailers.
In August 2024, it secured an EMI licence from De Nederlandsche Financial institution, enabling it to passport providers throughout all EU markets. In December 2025 it secured a €100m ($116m) debt facility from JPMorgan Funds and joined its associate community, giving it entry to JPMorgan’s European company shopper base.
Mondu’s mannequin combines regulated fee providers with embedded lending, positioning it to regulate each transaction circulation and financing at checkout. Its entry to debt funding is crucial to scaling receivables financing, whereas its regulatory standing helps growth throughout fragmented European markets.
The corporate is targeted on mid-market B2B transactions, the place fee phrases and bill financing stay customary, however the place digitisation is creating a chance to embed credit score immediately into the acquisition circulation.
5. Splitit
Based: 2012
HQ: Atlanta
CEO: Nandan Sheth
Splitit’s B2B pivot is infrastructure-led quite than credit-led. Having transitioned from a client BNPL supplier to a white-label instalments platform, it permits retailers to embed pay-over-time choices immediately into their very own checkout utilizing the shopper’s present bank card – eradicating the necessity for brand new credit score origination or underwriting. The corporate has recognized B2B procurement as a phase underserved by conventional BNPL gamers, citing the issue these suppliers face in underwriting companies. Splitit went personal in December 2023 following a $50m funding from Motive Companions.
By counting on present card traces, Splitit avoids stability sheet publicity and the necessity for underwriting, positioning itself as a funds infrastructure supplier quite than a lender. This mannequin shifts credit score threat again to issuing banks whereas enabling retailers to supply instalments with out integrating a third-party financing product.
Its function within the stack is due to this fact nearer to orchestration than lending, providing a special route into B2B instalments for retailers unwilling or unable to undertake credit-based BNPL fashions.
If you’re serious about that includes in Cost Knowledgeable’s Highlight sequence, get in contact with the group right now by emailing Information Editor Louis Thompsett at [email protected], or Senior Media Gross sales Government Annabel Selvadurai at [email protected].
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