- Open banking expert Yapily and B2B BNPL player Two have paired up.
- Norway-based Two will leverage Yapily data, eliminating the need for businesses to fill out forms when paying with BNPL.
- “With Yapily and open banking, we can provide a safer, cheaper, and easier financial bridge for businesses that are ready to move forward,” said Two Head of Product Deane Barton.
Yapily, a fintech that seeks to help businesses enhance their offering by embedding open banking into their products and services, announced its newest plan to help small businesses succeed.
The U.K.-based company is joining forces with Norwegian BNPL player Two to fuel data for Two’s B2B BNPL tool. “We’re working with Two to ease the cash flow burden for SMEs by offering alternative ways to access credit with BNPL and open banking,” Yapily said in a blog post.
Small businesses making online purchases can use Two at checkout to pay 14 to 90 days after they make their purchase. To make the process easy on the business client, Two leverages Yapily data to retrieve the buyer’s account information, including their name and date of birth, to verify their identity and approve the purchase. Not only does it take place in real time, but the data integration also eliminates the need for businesses to fill out multiple forms.
“With Yapily and open banking, we can provide a safer, cheaper, and easier financial bridge for businesses that are ready to move forward,” said Two Head of Product Deane Barton. “The intersection between BNPL and open banking is an exciting place to be. Together, we are shaping the future of financial services as we know it.”
The small business BNPL technology serves as an alternative to a working capital loan for the business client. The tool also has the potential to benefit the merchant. According to Two, e-commerce platforms that offer Two as a payment method can see up to a 60% increase in average order value and a 20% rise in the percentage of site visitors that make a purchase.
Yapily has raised $18.4 million since it was founded in 2017. The company enables its clients to access data in 15 countries across Europe, and at more than 180 financial institutions. Stefano Vaccino is founder and CEO.
Through today’s partnership, Yapily’s open banking capabilities will initially be rolled out to Two customers across the U.K., with more European markets to follow. Two has raised $3 million since it was founded in 2020.
Photo by Garrhet Sampson on Unsplash