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JP Morgan is making an equity investment in, and providing a debt facility to, AI-led business-to-business payments platform Slope.
JP Morgan Payments is being joined by Y Combinator, Jack Altman, and Max Altman’s new fund, Saga, in the $65 million equity and debt round.Founded in 2021, Slope offers enterprise companies order-to-cash automation using AI tools that power checkout, customer and vendor risk assessment, embedded short-term financing, and payment reconciliation.JP Morgan Payments has chosen Slope to help provide clients access to short-term financing that offers an extension of payment terms to such clients’ business customers. Slope will join the JP Morgan Payments Partner Network, which delivers end-to-end payment experiences through an ecosystem of third-party applications. James Fraser, global head, trade and working capital, JP Morgan Payments, says: “Working with Slope, our team at JP 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 JP 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.”
By on Wed, 17 Jul 2024 20:33:00 GMT
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