- Affirm spinout and credit billing solutions company Resolve announced recently that it raised $60 million in funding. These are the details.
Resolve announced it has raised $60 million in funding to fuel the growth of its embedded billing platform for growing business-to-business (B2B) companies to facilitate buying and selling on credit. The company – which launched as a spinout from Affirm in 2019 – has seen overwhelming demand for B2B buy now, pay later (BNPL) billing for business purchases.
Within BNPL, Resolve focuses exclusively on B2B billing. And Resolve simplifies and automates the notoriously complex and risk-laden process of billing and purchasing on credit. Plus it’s digital 30-, 60-, or 90-day net terms and credit billing solution frees up B2B sellers and buyers to focus on growing their businesses. The investors in Resolve include Initialized Capital, KSD Capital, Haystack VC, Commerce Ventures, Clocktower Ventures, Affirm and other top investors.
The pandemic had accelerated the shift to digital B2B payments and e-commerce, increasing pressure for companies to adapt to evolving customer expectations. And manufacturers, distributors, wholesalers, and their purchasers are responding by modernizing their B2B payment methods and digitizing billing operations. SMB and mid-market companies especially need to “punch above their weight” when selling to customers who expect to buy on 30- to 90-day net terms. But they struggle with the resources required to manage the complexity and risk of billing on credit.
Resolve essentially eliminates this pressure by providing digital net terms and credit billing platform that integrates seamlessly into a B2B company’s existing financial technology stack to facilitate growth, increase sales revenue, and optimize cash flow while removing risk for the company.
KEY QUOTES:
“Digital and e-commerce transformation is coming for B2B payments. Growing companies must balance heightened demand for deferring payments from their business customers with their own limited capacities to satisfy that demand. We are thrilled to have these investors join us as we solve this challenge for growing B2B companies. This round of equity and asset funding will scale our ability to embed credit billing so these businesses can unlock sales growth and cash flow while minimizing risk and effort.”
— Chris Tsai, Resolve’s CEO
“Software is eating B2B payments. B2B ‘buy now pay later’ has been around for thousands of years for businesses who buy and sell on credit from one another. Resolve’s billing platform for deferred payments modernizes this timeless B2B transaction with technology that’s built for the digital and e-commerce era.”
— Alda Leu Dennis, General Partner at Initialized Capital
“We’re excited to partner with Resolve to disrupt traditional forms of B2B credit with technology, as Resolve’s embedded billing approach changes the game. Our investment into the round represents a significant long-term commitment to the buy-side of Resolve’s credit billing platform. B2B purchasing is a massive asset class that’s ripe for digital change.”
— Will Davis, Managing Director of KSD Capital
