Slope has closed an additional financing round, taking total funding to $252 million ($77 million in equity and $175 million in debt). The funding will be used to scale operations. Alongside J.P. Morgan Payments, other participants in the round include Y Combinator, Jack Altman, and Max Altman’s new fund, Saga.
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, and J.P. Morgan will 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,” Lawrence Lin Murata, CEO and co-founder of Slope, said. “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 and 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.”
