#FinTech

B2B Payments

The large addressable market and lack of technology adoption in B2B payments create significant growth opportunities for digital disruptors. Fintech companies that enable digitization of accounts payable and accounts receivable will likely drive workflow automation, increase productivity, and reduce labor costs and human error.

LLR has spent over two decades investing in and helping to grow B2B software and payments companies, as outlined below. Companies and intermediaries working in this space should contact Ryan Goldenberg and Connor Crump to discuss relevant investment opportunities.

To bridge the gap between buyers and suppliers, AP and AR departments need to embrace solutions that promote automation through direct integration and allow for a seamless exchange of data and payment flow. One 2025 report found that the global B2B payments market size is projected to reach $282.5T by 2034. 1

Ryan Goldenberg, Partner, LLR Partners

A FinTech Inflection Point

A Large and Growing Market

The global B2B payments market size is projected to reach $109.4T in 2026 and $282.5T by 2034.1

Increasing Investment Signals an Inflection Point

77% of businesses that still use cash or checks plan to move to exclusively digital payments within the next 1-3 years.2

 

Bridging the Gap between AP and AR Solutions

To bridge the gap between buyers and suppliers, AP and AR departments need to embrace solutions that promote automation through direct integration and allow for a seamless exchange of data and payment flow.

In our view, the most effective AP and AR solutions have features such as:

  • Integration to the ERP or system-of-record
  • Buyer–supplier network portals to upload and manage invoices and payments
  • Streamlined payment acceptance
  • Dynamic payment capabilities allowing payors to modify payment delivery and modality based on variables such as recurring vs. one-time, supplier preference, and payment size

A Market Ripe for Technology Adoption

73%
3
of businesses have not yet automated supplier payments
26%
4
of B2B payments are made by check
74%
5
of AP teams are only partially automated

25+ Year History of Investing in Payments

  • Founded in 1999, LLR is a growth oriented private equity firm investing in high growth, disruptive technology companies. We have raised over $7.5 billion of capital across seven funds.
  • Thematic approach to partnering with leading solutions in attractive end markets, providing $10 – $200 million of equity to fund liquidity for early shareholders and accelerate long-term value creation initiatives.

Our Strategic Network

Portfolio companies gain access to LLR’s in-house Value Creation and Market Development teams, along with our extensive network of industry relationships, built over 25+ years of investing in software businesses.

Select Industry Investments

LLR invests in the sectors where our investment experience indicates there are attractive business models and market trends supporting strong growth potential. Here are some of our related investments in B2B payments.

Industry GrowthBits

View All
#FinTech
A FinTech Inflection Point: Bridging the Gap between Accounts Payable and Accounts Receivable Solutions
Ryan Goldenberg / Partner
#FinTech
B2B Payments is an Underpenetrated Market at an Inflection Point
Ryan Goldenberg / Partner
#FinTech
Payment Processing and the Shift Towards Integrated Commerce
Ryan Goldenberg / Partner
#FinTech
Payment Security Market Driven by Growth of eCommerce and Fraud
Mitchell Hollin / Partner

Meet the LLR Team

Mitchell Hollin

Mitchell Hollin
Ryan Goldenberg

Ryan Goldenberg
Connor Crump

Connor Crump
David Hessert

David Hessert
Cody Wax

Cody Wax
Julian Gary

Julian Gary

Related News

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Deluxe (NYSE: DLX), a trusted payments and data company, today announced that it has entered into a definitive agreement to...

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August 5, 2025

ePayPolicy Secures Strategic Investment from LLR Partners

LLR joins Serent Capital to help support the Company’s next stage of growth. ePayPolicy, a leading provider of accounts receivable...

References

  1. Fortune Business Insights. “B2B Payments Market Size, Share & Industry Analysis.” Fortune Business Insights, 2025. https://www.fortunebusinessinsights.com/b2b-payments-market-108853
  2. Citizens Bank. “The End of Paper Checks? Exploring the Shift in B2B Payments.” Citizens Bank, 2025. https://www.citizensbank.com/corporate-finance/insights/end-of-paper-checks.aspx
  3. PYMNTS. “73% of Businesses Still Use Paper to Process and Pay Suppliers.” PYMNTS, 2025. https://www.pymnts.com/news/b2b-payments/2025/73-percent-of-businesses-still-use-paper-to-process-and-pay-suppliers/
  4. Association for Financial Professionals (AFP) and J.P. Morgan. “2025 AFP® Digital Payments Survey Report: A Triennial Publication.” AFP and J.P. Morgan, 2025. https://www.jpmorgan.com/content/dam/jpmorgan/images/payments/afp-digital-payments-survey-2025/2025-afp-digital-payments-survey-report-ada.pdf
  5. Kefron. “Accounts Payable Automation Trends: Insights and Statistics.” Kefron, 2025.  https://kefron.com/finance-automation/news/accounts-payable-automation-trends-key-insights-and-latest-statistics
Disclaimer:

The information presented herein is intended for an audience of potential LLR portfolio companies and the intermediaries supporting their capital raise processes. Named LLR investments presented herein do not reflect a complete list of LLR investments and are provided for informational purposes only. Certain statements about LLR made by portfolio company executives and other quoted parties herein are intended to illustrate the work of LLR’s Value Creation Team with such portfolio companies or reflect the individual’s perspective on the featured industry sector. Such portfolio companies are controlled by investment vehicles managed by LLR. Quoted parties were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company or Senior Operating Advisor roles, and in certain cases are also owners of portfolio company securities and/or investors in LLR-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.