JPMorgan has taken part in a $65 million equity and debt funding round for B2B payments platform Slope.

The funding will be used to scale operations and launch SlopeAI, an underwriting platform which will enable financial institutions to onboard, underwrite and monitor their business clients
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As part of the agreement, Slope will join the JP Morgan Payments Partner Network, which provides end-to-end payment experiences through an ecosystem of third-party applications.
JPMorgan will also provide a debt facility to help the business achieve additional scale.

Other participants in the funding round included Y Combinator, Jack Altman, and Saga. The latest round takes total funding to $252 million, of which $77 million is equity and $175 million is debt.

James Fraser, global head of trade and working capital at JPMorgan Payments, said the US embedded finance market is estimated to be worth around $20 billion and many corporates are looking to implement services which streamline their processes.

“Working with Slope, our team at JPMorgan 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,” he added. “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.”

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