Two

Two is a B2B payments infrastructure company founded in Oslo in 2020. It sells net terms as a service: a merchant, marketplace or bank can offer instant trade credit at checkout while Two performs the buyer credit check, funds the invoice and absorbs the credit and fraud risk, removing the need for an in-house receivables and collections team.

The product set covers guest checkout, a trade account for repeat buyers, instalment plans and an order creator for sales staff, plus a merchant portal for order and settlement management. Underwriting runs on Delphi, an AI credit engine that returns decisions in under two seconds, and Frida, a fraud engine the company reports prevented EUR 70 million of fraud losses in 2023. The same stack is offered separately as Risk-as-a-Service for institutions that keep their own balance sheet. Two operates in 19 markets, reports over EUR 1 billion in B2B payment volume and more than 100,000 monthly B2B orders, and works with Santander, ABN AMRO, Allianz Trade, DNB and Visa. Retail customers include Komplett, Elkjop and Elgiganten.

1. Instant net terms: buyers are approved at checkout with terms from 14 days to 12 months while the seller is paid up front.

2. Delphi credit engine: AI underwriting of business buyers with decisions returned in under two seconds.

3. Frida fraud engine: business identity and fraud screening, credited with preventing EUR 70 million of losses in 2023.

4. Risk-as-a-Service: the credit and fraud decisioning stack is licensed separately to banks and lenders that fund the book themselves.

5. Trade account and instalments: revolving accounts for repeat buyers plus fixed instalment plans for large orders.

6. Reach: live in 19 markets with over EUR 1 billion in B2B payment volume and bank partnerships with Santander, ABN AMRO and DNB.