From Start-Up to Scale-Up: Adaptable Control Functions at Billhop
Billhop AB is a Swedish payment institution that makes it possible for companies to pay their invoices with credit cards, regardless if the supplier accepts card payments or not. The supplier does not need to be a Billhop client for the solution to work. Billhops innovative payment solution helps organisations to optimise working capital, streamline payment processes and ensures supplier invoices being paid on time.
Billhop, founded in 2012 and headquartered in Stockholm, is a regulated payment institution operating in the European market. In recent years, Billhop has partnered with several card issuers, secured authorisation for its payment service from the UK Financial Conduct Authority (FCA), and integrated with leading financial systems and platforms.
The Challenge
As a fast-growing fintech company with a relatively small organisation, Billhop needs to operate efficiently in order to maximise resources and achieve cost-effectiveness, while also ensuring compliance with external regulations and industry practices. Keeping up to date with industry practices and regulations is a constant challenge, particularly for smaller growth companies. It is therefore crucial that the control functions not only ensure sound compliance and risk management, but are also agile, service-oriented, and able to prioritise what matters most. In addition, the control functions must have a deep understanding of Billhop’s business and of the expectations placed on the payments industry.
The Solution
From the outset, Billhop has chosen to outsource both its risk and compliance functions to Advisense. As a result, the control functions have been able to grow alongside Billhop, from start-up to scale-up, and have thereby developed a strong understanding of the business. Through the collaboration, Billhop has gained a business- and operations-adapted outsourcing solution with specialists in the payments sector, as well as the possibility to request support in a range of other areas, even beyond the expertise of the control functions.
The Result
As a result of its collaboration with Advisense, Billhop is able to ensure independent and effective control functions. This has freed up resources in the first line of defence, enabling the organization to focus more on its core business and drive continued growth. By working proactively with compliance and risk management, Billhop has also strengthened its competitiveness and built lasting trust with customers and partners.
