Slope, a provider of artificial intelligence (AI)-driven business-to-business (B2B) payments platform for enterprise companies, has concluded an additional financing round, securing $65m.
The new round takes the company’s total funding to $252m which includes $77m in equity and $175m in debt.
J.P. Morgan Payments, Jack Altman, Y Combinator, and Max Altman’s new fund Saga among others participated in the financing round.
Slope has also been chosen by J.P. Morgan Payments to help provide clients access to a short-term financing solution. The solution will extend payment terms to the business customers of such clients by using Slope’s platform.
The B2B payments platform will join the J.P. Morgan Payments Partner Network as well. Apart from an equity investment, J.P. Morgan Payments will provide a debt facility to help Slope increase its scale.
J.P. Morgan Payments trade and working capital global head James Fraser said: “Working with Slope, our team at J.P. Morgan Payments can help meet client demand by providing access to a financing solution that integrates directly into the point-of-sale, translating into higher conversion rates.
“By combining J.P. Morgan’s fortress balance sheet and depth of client relationships with Slope’s strengths in underwriting and credit risk monitoring as well as platform flexibility, we are a well-positioned partner to meet our clients’ needs in a rapidly evolving market.”
Slope intends to utilise the new capital to scale operations as the B2B payments platform continues to serve large enterprises.
Established in 2021 by Lawrence Lin Murata and Alice Deng, the fintech company offers order-to-cash automation using AI tools that enhance checkout, assess customer and vendor risks, provide embedded short-term financing, and streamline payment reconciliation.
Slope has also announced the launch of an underwriting platform called SlopeAI for financial institutions and wholesalers. The platform is designed to help them onboard, underwrite, and monitor their business clients more quickly and easily.
Murata said: “We announced our round late last year and were not looking to raise additional capital. However, working closely with J.P. Morgan, one of the world’s largest banks, represented a unique opportunity.
“We are excited to join the J.P. Morgan Payments Partner Network, with the equity investment and debt facility helping to support future growth.”
