Almi Invest completes its investment in Billhop

New payment service eliminates anxiety in small businesses

The company ‘Billhop’ aims to help small and medium businesses solve their temporary liquidity problems. By offering a new service where invoices can be paid by card, actual payment can be postponed by up to two months. Almi Invest has now completed an investment in Billhop.

Strained liquidity is a familiar phenomenon for most small businesses. This leads to a constant worry about being able to pay supplier invoices on time. Small businesses are today typically offered no other financial solution than a bank overdraft. Many companies therefore see no other choice than to sell their invoices to the factoring companies, who charge a risk-adjusted percentage of the invoice amount and an arrangement fee.

Entrepreneurs need a financial friend such as Billhop, which provides short-term financing options that are simpler and completely transparent, where all companies pay the same percentage, i.e. 2.5% on supplier costs. There are no additional charges. Instead of reducing the company's revenue by factoring, the supplier cost increases slightly, leading to a lower total cost for the company. Additionally, the company’s relationship with its customers is not jeopardized - a reality when selling their invoices.

- “For small and medium businesses to grow, succeed, and create jobs, there has to be a financial partner who will help them to solve their liquidity from the start. There doesn’t seem to be may who are interested in taking on this role. We will change that.” claims Billhop's CEO, Sebastian Andreescu.

The company credit card - an untapped resource

Companies that use Billhop can pay supplier their supplier invoices with their existing cards. They thereby take advantage of the available interest free credit period which would otherwise often remain unused. This means that the date companies have to have funds readily available to pay their suppliers by is shifted, as credit cards generally have 30-60 days of credit. In addition, the company can reduce the need to sell their customer invoices by instead deferring the payment date on their supplier invoices until they have received payment from their customers.

- “Billhop has identified and created a solution to an important and urgent problem within the world of small businesses. There are hardly any business, especially in the category of start-ups, that do not have a constant struggle with their liquidity. I am convinced that their expertise in the area and its service, means they will be successful”, explains Johan Crona Investment Manager at Almi Invest.

The very foundation of Billhop’s system is primarily based on its own software platform which was developed in 2011. The company is authorized by Finansinspektionen to operate in accordance with the rules that apply to payment service providers.

For more information, please contact:

Maria Kessling, Chief of Communications Almi Invest, tel +46 76-880 88 10 maria.kessling@almi.se

Johan Crona, Investment Manager Almi Invest tel +46 73-984 31 35johan.crona@almi.se

Sebastian Andreescu, CEO Billhop tel: +46 73-251 51 71 sebastian.andreescu@billhop.se

About Almi Invest

Almi Invest is Sweden's most active investor in young growth companies. We create, with expertise, capital and networking opportunities for companies to grow. Investments happen from the seed phase to the expansion phase. We can be found across the whole country, with both regional knowledge and an international perspective. Our portfolio contains around 400 young growth companies in many different industries. Almi Invest is a subsidiary of Almi Företagspartner AB

About Billhop

Billhop aims to revolutionise the way people and businesses manage and pay bills. Billhop allows businesses and individuals to pay bills or invoices by credit card. In this way, the payment period is extended, and you can enjoy all the benefits your card has to offer, such as bonus points, etc. Billhop was founded in 2011 and its headquarters are in Stockholm. The company is a registered payment institute and falls under the supervision of Finansinspektionen. For more information, visit www.billhop.se.