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BNPL
BILLIE CEO ON BECOMING THE ‘KLARNA’ OF THE B2B BUY NOW, PAY LATER MARKET
By PYMNTS Listen to Article
Posted on February 28, 2022
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Estimated to account for about $100 billion worth of transactions each year, the
buy now, pay later (BNPL) market has exploded in recent years, fueling and
accelerating the transformation in consumer payments through point-of-sale
financing.
But while the business-to-consumer (B2C) sector has experienced tremendous
growth over the years, the same cannot be said for business-to-business (B2B)
payments, according to Matthias Knecht, co-founder and co-CEO of Berlin-based
BNPL firm Billie.
“The consumer world has been completely transformed over the last 15 years.
However, if you turn to the business sector, B2B payments are still stuck
somewhere in the 90s,” Knecht told PYMNTS in a recent interview.
He said most business transactions take place via pen and paper or even with fax
or mail orders, and when it comes to BNPL, no global or European provider has
been able to offer businesses a modern and digitized solution like what
companies such as Klarna have done in the consumer space.
It’s a hole Billie has been looking to plug in the B2B space since it was
founded in 2016, working bring the decades-old BNPL solution into the 21st
century for small and medium-sized businesses (SMBs) by “consumerizing the
business shopping experience” and removing the bottlenecks that have been built
into the traditional B2B payment and purchasing experience.
From transforming the accounts receivable and working capital management space
for merchants through its Billie Flow product to offering business customers a
BNPL product on par with “the consumer BNPL product that we’re all familiar
with,” Knecht said the firm is creating the optimal merchant experience with the
highest checkout conversion rate possible — up to 95%.
Becoming the ‘Klarna’ of B2B BNPL
The German FinTech recently inked a global partnership deal with Swedish BNPL
giant Klarna — “the undisputed champion in the B2C world,” according to Knecht —
that will see the two firms integrate their services so that merchants worldwide
who already have a Klarna installation and integration can easily toggle on the
Billie payment method for their B2B checkout.
“It's a very complementary product offering; Klarna will cover the B2C side and
Billie will go through the current infrastructure and offer the B2B payment
method that Klarna customers can use,” he explained.
This collaboration, he added, eliminates the biggest obstacle to acquiring
customers — integration with the online merchant — as shops are likely to
already have fully packed development engineering roadmaps and are not waiting
for the next provider to try to make inroads into the checkout.
“If you can use a standing infrastructure that is already integrated with
smartphones and basically just hop on it and provide your services to these
merchants, that’s just fantastic, and it simplifies your onboarding experience,”
he said.
Broadening Billie’s Reach
On the back of a $100 million funding round last October that valued the
Berlin-based FinTech firm at $640 million, Knecht said one of its biggest
priorities this year is to expand across Europe beyond its core German market
where Billie has been proven to be a viable product.
Read more: B2B BNPL Platform Billie Closes $100M Funding at $640M Valuation
“I firmly believe the need for this kind of product is ubiquitous — it’s just
everywhere. You’re looking at the buyers and the challenges these business
buyers have and it’s just the same in every country,” he said.
And as the firm target new markets, several variables will have to be taken into
consideration such as market size, ease of entry, competitive dynamics and the
regulatory environment. When it comes to the type of licensing structure, some
countries may require a full banking license, while others may simply require a
banking partner, Knecht said.
Another variable is the risk structure and the pricing structure, which differs
across European countries. “Germany, for example, is a country which tends to
have lower risk and lower prices [while in] other countries, the pricing
structure and fee structure are a lot higher, but then again, you’re incurring
higher default risk,” he explained, adding that balancing these differences is
essential to make the market attractive.
And even though geographical expansion is top of the list moving forward, he
said the company is hoping partnerships with Klarna and other firms will bear
much fruit to spur business growth. “[We want to] see a lot of [their] customers
using our payment method in their checkouts [so that] we can help them to have
the smoothest B2B checkout [possible], very similar to the B2C experience.”
Sign up here for daily updates on all of PYMNTS’ Europe, Middle East, and Africa
(EMEA) coverage.
——————————
NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can
save them time and improve visibility into cash flows, 56% believe that the
solution could be difficult to integrate with existing AP and AR systems. The
Future Of Business Payables Innovation Report, a PYMNTS and Plastiq
collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million
to explore how all-in-one solutions can exceed SMBs’ expectations and help
future-proof their businesses.
Related Items:B2B, B2B Payments, Billie, buy now pay later, ecommerce, Featured
News, international, Klarna, News, pymnts tv, Retail, video
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