Slope, AI-Led B2B Payments Platform, Secures $65 Million Strategic Equity and Debt Funding Provided by J.P. Morgan and Others
17 Julio 2024 - 10:00AM
Business Wire
As part of the funding, J.P. Morgan will provide both an equity
investment and a debt facility.
Following continued strong traction and robust demand, Slope has
closed an additional financing round, taking total funding to $252M
($77M in equity and $175M in debt). The funding will be used to
scale operations as the B2B payments platform continues serving
many of the world’s largest enterprises. Alongside J.P. Morgan
Payments, other participants in the round include Y Combinator,
Jack Altman, and Max Altman’s new fund, Saga.
Slope, a B2B payments platform for enterprise companies, offers
order-to-cash automation using leading AI tools that power
checkout, customer and vendor risk assessment, embedded short-term
financing, and payment reconciliation.
J.P. Morgan Payments has chosen Slope to help provide clients
access to a short-term financing solution that offers an extension
of payment terms to such clients’ business customers, powered by
Slope’s platform. Slope will join the J.P. Morgan Payments Partner
Network, which delivers end-to-end payment experiences through an
ecosystem of third-party applications that can grow businesses
faster. J.P. Morgan will also provide a debt facility to help the
business achieve additional scale.
“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,” said Lawrence Lin Murata, CEO
and co-founder of Slope. “Working with J.P. Morgan will help us
advance our technology so we can better serve more members of the
Fortune 500. Slope embodies ‘Fin-Tech’ to the very core and is well
positioned to win the opportunity to digitize the $125 trillion B2B
economy.”
“The U.S. embedded finance market is determined to be worth $20
billion, with many corporates looking to implement solutions that
reduce friction, streamline processes and support origination,”
James Fraser, Global Head of Trade & Working Capital at J.P.
Morgan Payments, 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.”
J.P. Morgan Payments combines treasury services, trade &
working capital and card and merchant services capabilities to help
clients pay customers or employees in different currencies around
the world. It processes nearly $10 trillion payments daily,
operating in over 160 countries and over 120 currencies, and is #1
in USD payments volume.
Lawrence Lin Murata and Alice Deng founded Slope in late 2021
and have built an exceptional team in Silicon Valley.
Now, as part of its growth strategy and vision, Slope is
launching SlopeAI. SlopeAI makes Slope’s AI underwriting platform
available to financial institutions and wholesalers looking to
onboard, underwrite and monitor their business clients faster and
more seamlessly. This includes access to Slope’s LLMs for bank data
enrichment (SlopeGPT, TransFormer), KYB/KYC powered by AI agents
and internal production risk models that have yet to be announced.
Slope is already working with some of the largest regional banks in
the United States to launch these capabilities.
About Slope
Slope is a B2B payments platform offering order-to-cash workflow
automation for enterprise companies. Slope is disrupting the way
businesses manage transactions, optimize payment processes, and
enhance customer experiences by seamlessly integrating AI tools
into the order-to-cash workflow. Slope uses generative AI to power
B2B checkout, customer and vendor risk assessment, payment
reconciliation, and cash management, driving digital transformation
in a sector that has remained largely unchanged for centuries.
Backed by leading investors like Sam Altman, Slope is at the
forefront of digitizing the B2B economy.
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