Resolve, which offers a credit billing platform for businesses, has raised $60 million in funding. The business-to-business (B2B) company is a 2019 spinoff from Affirm, which is one of its venture backers.
In a press release emailed to PYMNTS, Resolve said its platform “simplifies and automates the notoriously complex and risk-laden process of billing and purchasing on credit.” The platform offers billing terms of 30, 60 or 90 days.
Other investors in Resolve include Initialized Capital, KSD Capital, Haystack VC, Commerce Ventures and Clocktower Ventures.
“B2B ‘buy now pay later’ (BNPL) has been around for thousands of years for businesses who buy and sell on credit from one another,” said Alda Leu Dennis, general partner at Initialized Capital. “Resolve’s billing platform for deferred payments modernizes this timeless B2B transaction with technology that’s built for the digital and eCommerce era.”
“B2B purchasing is a massive asset class that’s ripe for digital change,” said Will Davis, managing director of KSD Capital. He added that his firm is committed to Resolve’s credit billing platform, which is out to “disrupt traditional forms of B2B credit with technology.”
“Digital and eCommerce transformation is coming for B2B payments,” said Resolve CEO Chris Tsai. “Growing companies must balance heightened demand for deferring payments from their business customers with their own limited capacities to satisfy that demand.”
In an earlier interview with PYMNTS, Tsai said that his work with Affirm — including via eCommerce and crowdfunding platform Celery — taught him the power of offering credit and other features at the point of sale (POS).
He said that he found that businesses were looking for a “B2B version of Affirm,” which offers customers the chance for financing at the retail POS — and for loan amounts often considered too small at commercial banks.
Forrester Research estimates that B2B eCommerce will reach more than $1.1 trillion by 2020.
Resolve’s credit billing platform works as an automated payment platform, integrated into B2B companies’ websites. Potential buyers must complete credit applications that fit their business types and sizes.