Hopscotch, a community-oriented B2B payments platform that facilitates instant, fee-free payments for small businesses and startups, has launched its private beta alongside a $6.1m seed extension.
The funding extension brings the company’s total funding to $9.95m. The round was led by Shine Capital and Stellation Capital with participation from additional investors, including NOEMIS Ventures, 3KVC, Valar Ventures, and Red & Blue Ventures.
Hopscotch said it helps businesses process their accounts payable and receivable without being charged fees. The platform enables users to transact with their clients and vendors, even if their clients and vendors don’t have a Hopscotch account. For Hopscotch users, when their client issues a payment, the funds are instantly transferred and accessible, a distinction from traditional payment methods with standard processing periods of two to eight days. The entire process is also completely fee-free.
With the launch of its private beta, Hopscotch has opened its virtual doors to waitlist customers. Beginning in Q2, businesses that have been invoiced or paid by existing Hopscotch users can join by registering with the email their vendor or client used.
Hopscotch said it has grown quickly since the assembly of its founding team in August 2021. The seed extension will enable it to double the team across all departments, expedite the launch of revenue-generating features, and continue to scale the growing community of “Hopscotchers”.
Mo Koyfman, founder and general partner of Shine Capital, said, “New business formation in the US has exploded over the past two years, with the vast majority of those new businesses being formed as sole proprietorships. More and more folks are choosing to work for themselves, and they need software and billing tools that make their lives easier.
“Hopscotch is a simple and elegant solution for small businesses to easily invoice their customers, pay their vendors, and smooth their cash flows. With Hopscotch, business owners can finally focus on doing their business rather than managing it.”
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