Swedish-based FinTech company Treyd has expanded its “sell first, pay suppliers later” service to Ireland.
“This marks a fantastic opportunity for Irish SMEs [small- to medium-sized enterprises] to embrace a fresh approach to financing their inventory,” the company said in a Friday (Dec. 15) post on LinkedIn.
This move comes three months after Treyd secured a $12 million extension of its Series A funding, which brought its total investment to $25 million. At the time, the FinTech said it would use the funding to expand existing markets, enhance its core product offering and work toward achieving profitability.
Over the previous 15 months, Treyd had expanded its operations from Sweden into the United Kingdom and throughout the Nordics, increasing its customer base sixfold and serving more than 600 retailers.
The company offers buy now, pay later (BNPL) services for international supply chains, and pays suppliers while giving companies 120 days to pay the balance, helping free up capital for a business so it can work on growth.
Treyd anticipates achieving profitability in the next 12 months or so, Peter Beckman, CEO and co-founder of Treyd, told PYMNTS’ Karen Webster in an interview posted in October.
“We won’t be growing 800% and 900% year on year,” Beckman said. “That was our norm six months ago. We can lower our growth and be more disciplined, without having to go ‘negative.’”
PYMNTS Intelligence has found that B2B BNPL can help business owners manage cash flow issues, especially as inflation continues to plague the global economy.
By splitting large payments into smaller installments, BNPL can help corporations navigate the pressures of acquiring inventory and raw materials to keep their businesses viable and manage costs, improving both cash flow management and competitive standing in the marketplace, according to the PYMNTS and Splitit collaboration “Is BNPL the Next Driver for B2B Growth?”
Treyd’s expansion to Ireland will offer the country’s SMEs new options for financing inventory, AltFi reported Friday (Dec. 15).
“There’s no denying the funding landscape for SMEs has changed over the past 12 months: banks have tightened up credit process, and venture capital is not as easily accessible,” Ben Ingram, Treyd head of partnerships U.K. and Ireland, said in the report. “Treyd’s stock financing solution gives SMEs that much-needed working capital to continue growth.”
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