B2B Pay

B2B Pay is a financial technology company the offers virtual bank accounts for non-resident companies. Since its foundation in 2016, B2B Pay offers an average 80% cheaper rate for business transactions from Europe to the rest of the world. B2B Pay was founded by Kasper Souren and Neil Ambikar. It is headquartered in Helsinki, Finland. B2B Pay provides their services to organizations in multiple industries, ranging from government agencies to exporters.

B2B Pay provides virtual bank accounts for non-EU based companies. These accounts can be opened in one day with a unique IBAN number that allows the company to collect international B2B Payments. This European virtual bank account is linked to the home country’s bank account. B2B Pay virtual bank accounts allow users to receive payments from 35 EU countries and the payments arrive in one business day.

B2B Pay’s service also allows businesses to avoid having to pay for fixed transfer fees, which are commonly incurred both to the recipient and sender by their respective banking institutions during payment transactions. The use of an EU virtual bank account allows businesses to minimize these fees, since B2B only charges 1% from the amount sent from an account if the recipient is based in India and United States. Additionally, B2B Pay offers currency conversion rate that follows the mid-market conversion rate of the day as reported by Bloomberg. This differs from banking institutions, which set their own currency conversion rate based on their own considerations .

Since 2016, B2B Pay has managed to accumulate a total capital of around €266,000 from four funding rounds. The most recent round the company held was a second non equity assistance round in January 2017, which raised around €196,000 euro from three investors: Techstars, Nordea Accelerator, and Tekes.