Silicon Valley fintech company Slope raises $65m to advance AI in B2B payments

Slope, a leading B2B payments platform, has successfully closed an additional funding round of $65 million, bringing its total investment to $252 million, comprising $77 million in equity and $175 million in debt. This latest round saw participation from key players including J.P. Morgan Payments, Y Combinator, and the new fund, Saga, founded by Jack Altman and Max Altman.

Strategic Growth and Technological Advancements

The funding will enable Slope to scale its operations as it continues to serve many of the world’s largest enterprises. Notably, Slope is set to join the J.P. Morgan Payments Partner Network, a significant move that will enhance its order-to-cash automation services. This includes everything from AI-powered checkout systems to customer and vendor risk assessment, embedded short-term financing, and payment reconciliation.

Lawrence Lin Murata, CEO and co-founder of Slope, expressed his enthusiasm about the partnership: “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.”

Leveraging J.P. Morgan’s Resources

J.P. Morgan Payments will provide Slope with a debt facility that aims to bolster its growth and expand its technological capabilities. James Fraser, Global Head of Trade & Working Capital at J.P. Morgan Payments, highlighted the synergy between the two firms: “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.”

The Launch of SlopeAI

In line with its growth strategy, Slope is introducing SlopeAI, a new feature that extends its AI underwriting platform to financial institutions and wholesalers. This tool aims to streamline the onboarding, underwriting, and monitoring of business clients, leveraging Slope’s LLMs for bank data enrichment and KYC/KYB processes powered by AI.

Impact on the B2B Payments Landscape

Slope’s innovative approach to B2B payments, integrating generative AI to enhance the order-to-cash workflow, is set to drive significant digital transformation in a sector ripe for innovation. With the backing of industry giants and a commitment to leveraging cutting-edge technology, Slope is well-positioned to make a profound impact on the $125 trillion B2B economy.

The strategic investment in Slope by J.P. Morgan and other significant entities underscores the growing importance of AI in financial services, particularly in B2B transactions. Slope’s focus on integrating AI to improve efficiency and accuracy in financial operations is a forward-thinking move that could set new standards in the industry.