How Two secured €13M to scale global B2B payments

Two is on a mission to make net-terms selling as effortless as card payments. By embedding real-time risk decisions and guaranteed settlement directly in the transaction flow, the Oslo-born fintech removes friction from global B2B commerce.

In July 2025, Two announced a €13 million funding round led by Idékapital and Shine Capital, with support from Investinor, Sequoia Capital, Antler, Alliance Ventures, Arkwright and Local Globe. The raise lifted total funding above €40 million, fuelling expansion across the U.S. and Western Europe as the company builds TwoNet—a trusted infrastructure layer for instant net-terms worldwide.

• Raised €13M Series A to accelerate global growth
• Serves 200+ merchants processing B2B payments across borders
• Proprietary AI engines Frida (fraud) and Delphi (credit) approve buyers in milliseconds
• Team distributed across 15 countries with offices in Oslo, Stockholm, Glasgow and London

The Two team relied on Papermark throughout the fundraise to securely share investor materials, track engagement in real time and automate follow-ups.

The Challenge

1. Complex Stakeholder Management – Coordinating multiple VC, strategic and angel investors across geographies.
2. Sensitive Financial Data – Sharing detailed revenue and risk-model spreadsheets without exposing confidential IP.
3. Visibility Gaps – Lacked insight into which investors actually reviewed the deck and data room.
4. Timing the Perfect Follow-up – Needed to reach out while interest was high but information was fresh.

The Solution

Secure Investor Data Rooms

Two created a branded Papermark data room with granular permissions, watermarking and download controls—ensuring sensitive underwriting algorithms stayed protected.

Real-time Analytics Dashboard

With page-level analytics, the team saw exactly which metrics investors lingered on, helping them tailor narrative and objections for each meeting.

The Results

• €13M round closed 30 % faster than previous raise
• Zero data-leaks recorded—enterprise-grade security satisfied strict VC compliance
• Investor confidence boosted by transparent engagement reporting

Two continues to leverage Papermark as it scales TwoNet, ensuring secure, insightful communication with existing and future investors.

Use Case

Fundraising — Two leveraged Papermark data rooms and analytics to manage a multi-investor Series A process efficiently.

Document Types Shared

• Excel financial models
• PowerPoint pitch decks
• Whitepapers explaining TwoNet’s risk engines