Alice Deng and Lawrence Murata, each inspired by their family business when working for an artificial intelligence company,Slope(Slope) was founded. The company makes it easy for businesses to offer a “buy now and pay later (BNPL)” service.
“Before the global pandemic, suppliers extended the requirement to pay within 30 days of the invoice date, which makes it difficult for SMEs to build credibility,” Murata said. Spoke to TechCrunch.
“The pandemic has accelerated the onlineization of business-to-business payments. We wanted to empower companies by bringing payments online and making it easier for them to raise money.” Mr Murata said.
Companies can offer installments once they get approval in seconds. Customers can choose the payment method that suits them when paying. Slope is responsible for lending, underwriting and debt collection and pays companies when products and services are provided.
Den and Murata have been founded twice at Y Combinator and most recently participated in the 2021 Summer Cohort. It wasn’t the current company when I joined, but I turned around and created the current Slope business model and launched it in August.
Already, the company is growing at an astonishing pace, with transaction volumes 15 times higher in the last 30 days. Over the last three months, it has acquired customers from distributors in the United States, Canada, Mexico, India and Singapore. In the near future, distributors from China, Brazil and Europe will be added to the waiting list.
The company announced on November 22 that it has raised $ 8 million in seeds from the founders of Dropbox, DoorDash, Opendoor, Plaid, PlanGrid, Mercury and Pilot, as well as Global Founders Capital. The purpose of this funding is to expand Slope’s team, build the infrastructure to deliver a customer-centric experience, and start serving waitlist sellers.
Global B2B payment marketWas 870 billion dollars (about 99 trillion yen) in 2020, but is projected to reach 1.9 trillion dollars (about 217 trillion yen) in 2028. at the same time,It is estimated that the settlement flow of 127 trillion dollars (1K 4500 trillion yen) is due to B2B settlement.This is also expected to increase to 200 trillion dollars (2K 2800 trillion yen) by 2028.
“Our vision is to be a global B2B Stripe,” says Den. “To win B2B, we need to build a global cross-border trading infrastructure and core technology that B2C players like Affirm and Afterpay didn’t have to work on.”
In addition, Den and Murata interviewed hundreds of small and medium-sized enterprises about the need for BNPL, resulting in a contract already signed before Slope developed the product, which is a big need for the market. Den points out that it is a proof of.
Global Founders Capital partner Don Stalter said of Slope’s growth: “It’s impressive from the beginning, and given the stage and size of the team we’ve seen so far, it’s a global rush. It’s one of the growing companies. “
Companies have traditionally relied on banks for business lending, a “junky process.” Companies that can use technology to improve their processes five times faster will be big disruptors, and if they can be 100 times faster, they can revolutionize, Starter added.
Starter is convinced that Den and Lawrence can do that by targeting that big B2B payments market and attacking it with artificial intelligence and new technologies that open up business possibilities.
(Sentence: Christine Hall, Translation:saurabh）