London-based fintech startup Ontik has successfully raised $3.7 million in seed funding, surpassing its initial goal of $2 million. Focused on automating trade credit processes for B2B wholesalers, Ontik seeks to replace outdated manual methods with digital solutions. Co-founder Chris Smith highlights the inefficiency of current practices, while Partner Sam Endacott suggests that Ontik's innovation is comparable to Stripe's impact on online payments. The startup aims to serve the UK building materials sector initially, addressing a $100 billion market and emphasizing the need for operational transformation in businesses that rely on antiquated systems.
"B2B wholesalers are the financial engine of the real economy-but most are still managing credit with spreadsheets, phone calls and handwritten notes. We're giving them modern, automated workflows that save hours every day and unlock serious operational efficiency."
"Ontik is doing for trade credit what Stripe did for online payments. They're giving real-world businesses the tools to operate with the speed and efficiency of modern tech companies-and the impact is already clear."
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