Treyd, a Stockholm-headquartered fintech that pays suppliers upfront on behalf of growing retail businesses, announced the completion of a €11.2 million extension of its March 2022 Series A funding. The extension funding brings total investment in Treyd to €23.3 million.
The round is led by Swedish investment company Nineyards Equity, which also led Treyd’s Series A round, together with Antler, Zenith VC, and J12 Ventures. The new capital will be used to grow existing markets, invest in the core product offering, and work towards achieving profitability.
Peter Beckman, CEO and Co-Founder of Treyd, commented: “Since launching the “sell first, pay suppliers later” category three years ago, we’ve had an overwhelming response from the brand and retail community. Today, we’re helping the growth of hundreds of the most exciting fast-growing SMEs across the UK and Nordics. With this latest investment, we will be able to yet further improve our support of these and many more companies, by fundamentally upgrading our platform and product offering.”
Founded in 2019, Treyd is a fintech that helps growing businesses thrive by letting them sell products first and pay suppliers later. In the 15 months since Treyd’s initial €9.3 million Series A investment, the company has expanded into the UK and throughout the Nordics, increased its customers sixfold to 600+, increased its team size threefold to 60+, and financed $149 million (£117 million) of purchases for fast-growing SMEs in Northern Europe.
Stefan Nordahl, Founder and CEO of Nineyards Equity, said: “We’re impressed by what the team has achieved in this short period of time, especially in this market environment. Treyd’s ability to deliver cost-effective triple-digit growth while maintaining best-in-class default rates, is a proof point of their ability to navigate and execute, and also the true value-add Treyd brings to SMEs worldwide.”
Oscar S. Westergård, Partner at Antler, added: “Treyd is meeting real and urgent demand from brand and retail customers, and scaling rapidly in the Nordics and across Europe as a result. The success of Treyd demonstrates the continued growth potential for fintech companies to transform outdated financial practices and drive efficiencies and reduced costs for SMEs. Antler is proud to have backed Treyd founders Peter and Sameh from day zero. They are outstanding entrepreneurs, building world-class technology and a first-rate team to realise their vision.”
Read the orginal article: https://www.eu-startups.com/2023/09/stockholm-based-fintech-treyd-secures-e11-2-million-in-extension-of-series-a-to-achieve-profitability/
