Two is a fintech transforming how merchants offer net terms and trade credit at checkout – bringing a seamless, consumer-grade experience to B2B payments. Often described as B2B Buy Now, Pay Later, Two removes the friction that slows down commerce: manual invoicing, credit checks, fraud risk, and long approval cycles.
Pulse 2.0 interviewed Two co-founder and CEO Andreas Mjelde to gain a deeper understanding of the company.
Andreas Mjelde’s Background
Could you tell me more about your background? Mjelde said:
“I am the co-founder of Two. Before this, I founded Linio, a B2C marketplace serving Latin America. While scaling Linio across emerging markets, I saw firsthand the challenges in B2B payments – around 20% of attempted transactions came from businesses, but the vast majority failed due to a lack of credit terms and business-ready infrastructure. That gap stuck with me.”
Formation Of The Company
How did the idea for the company come together? Mjelde shared:
“The idea really crystallized during my time at Linio. I noticed that businesses were trying to purchase through systems designed for consumers, but they needed net terms, smoother onboarding, and processes built B2B – not B2C. That insight became the foundation for Two: a company focused entirely on solving the structural pain points in B2B commerce.”
Favorite Memory
What has been your favorite memory working for the company so far? Mjelde reflected:
“There have been a lot of great moments, but one that stands out is winning our first enterprise deal. We weren’t originally part of the RFP and only got invited in as the 8th and final bidder. Despite competing against much larger, more established players, we ended up winning it – and the energy in the office that day was unforgettable!”
Core Products
What are the company’s core products and features? Mjelde explained:
“At its core, Two makes selling on net terms to businesses as seamless as selling on cards to consumers.”
“We’re a full-stack B2B payments platform. Our key features include instant net terms at checkout, Delphi – our AI-powered credit underwriting engine, and Frida – our real-time fraud prevention tool. We support both merchant-initiated and buyer-initiated invoicing flows, embedded payment options across e-commerce, in-store, and direct sales, and seamless platform integrations. Combined with one-click guest checkout, these features eliminate the traditional friction of B2B payments, while preserving the trust that commerce depends on.”
Challenges Faced
Have you faced any challenges in your sector of work recently? Mjelde acknowledged:
“Rather than challenges, we’ve seen increasing opportunities. The growth of B2B e-commerce continues to accelerate, creating stronger demand for tailored payment solutions. At the same time, advances in AI and data science have allowed us to refine our risk underwriting and scale it more effectively.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since launching? Mjelde noted:
“We’ve grown from offering basic net terms to building a scalable, AI-powered trust infrastructure. Today, Frida and Delphi process thousands of risk decisions daily, backed by continuous learning models.”
“We’ve also launched TwoNet – which connects buyers and sellers across regions with pre-approved credit – and our Risk-as-a-Service (RaaS) platform, which delivers enterprise-grade fraud and credit decisioning and enables large merchants to configure and control risk policies via one interface.”
Significant Milestones
What have been some of the company’s most significant milestones? Mjelde cited:
“Some major milestones include:
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- Expanding from Norway into multiple markets, including the US – making us the first B2B net terms provider operating on both sides of the Atlantic.
- Onboarding major banks like Santander and ABN to TwoNet, enabling them to offer net terms as a service.
- Signing our first top-10 global enterprise customer.
Customer Success Stories
- Rekki (United Kingdom) – 38% increase in monthly spend
Rekki, a B2B marketplace connecting thousands of restaurants across London and Amsterdam with local suppliers, dramatically simplified their buyers’ invoicing by consolidating payments from 18 separate monthly invoices down to just 1. This streamlined approach led to a significant boost in spending, with customers actively choosing Two’s 30-day payment terms over other available solutions. Read more
- BMN (Building Materials Nationwide) (United Kingdom) – AOV growth and 22% revenue increase
Building Materials Nationwide, a leading UK distributor of construction materials, saw their average order value more than double from £800 to £2,000 using Two’s instant credit decisions. The company achieved 22% year-on-year revenue growth while maintaining bad debt below their 1% threshold. Read more
- Aescape (United States) – Largest order of $1.8M funded through Instalments
Aescape, a pioneering robotics company transforming the wellness industry with AI-powered massage tables, leveraged Two’s Instalments solution to secure deals with luxury brands including Equinox, Starwood, and boutique spas. Two’s flexible 36+ month payment terms enabled high-value clients to invest in $300K+ equipment without upfront financial strain, while Aescape received full payment immediately. Read more
- Bildeler.no (Norway) – 96% approval rate and 35% fraud reduction
Norway’s largest ecommerce site for car parts achieved a 96% buyer approval rate while simultaneously cutting fraud losses by 35% through Two’s advanced risk management tools, Delphi and Frida. This dual impact of higher acceptance and lower risk has been instrumental in supporting their growth across the Norwegian market. Read more
Funding/Revenue
Are you able to discuss funding and/or revenue metrics? Mjelde revealed:
“We’ve raised over €40 million to date, including €13 million in our most recent round – which was led by Idékapital and Shine Capital, and used to fuel our expansion into the US and Western Europe.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Mjelde assessed:
“Globally, B2B commerce accounts for around $140 trillion in transactions. We see our serviceable addressable market as being in the $30–40 trillion range over the next 5–10 years – comparable in size to the card processing market.”
Differentiation From The Competition
What differentiates the company from its competition? Mjelde affirmed:
“Two is the only B2B net terms provider currently serving both the US and Europe.”
“While many competitors focus on building fully end-to-end stacks, our approach with TwoNet is to partner with global banks, leveraging their strengths while enabling them to bring new value to their customers. It’s a more scalable, collaborative model.”
Future Company Goals
What are some of the company’s future goals? Mjelde concluded:
Our vision is to become the global trust layer for B2B trade. That means continuing to expand our infrastructure, deepen partnerships with banks and enterprises, and remove friction from every stage of the B2B transaction journey.
