Focused on the rapid global ecommerce growth on B2B online marketplaces among all sizes of companies, two financial technology and services firms today launched instant credit on B2B marketplaces across the United States and Europe.
London-based trustshare and Two, headquartered in Oslo, Norway, introduced a suite of services for small and mid-sized companies as well as larger enterprises. They include:
- Online payments
- Escrow
- Trade finance
- Credit insurance
Supporting marketplace payments and checkout
The services support credit lines in online marketplace checkout processes of up to $250,000 or the equivalent in British pounds or euros, the companies say.
Nick Fulton, CEO, trustshare
Nick Fulton, trustshare co-founder and CEO, asserts that small and mid-sized businesses “have historically been underserved” by banking services. But marketplaces can combine with online financial services “to close the loop to service his market,” he adds. That’s thanks to the high volume of transactions on marketplaces.
“B2B marketplaces are redefining how businesses interact,” says Enrique Elias, head of expansion at Two.
In announcing their services, the two fintech firms cited McKinsey & Co. projections which forecast that 50% to 70% of digital commerce will occur on marketplaces by 2025.
The 2023 B2B Ecommerce Market Report from Digital Commerce 360 notes that online sales on B2B marketplaces in the United States reached $112 billion in 2022, up 100% from $56 billion in 2021.
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