B2B buy now, pay later Mondu, based in Berlin, raised 43 million dollars in a series A funding round. The Startup’s goal is to expand across Europe. The lead fund of the round was Valar Ventures. Former investors Cherry Ventures, FinTech Collective, as well as tech entrepreneurs and high-ranking executives of Klarna, Zalando and SumUp have continued to support Mondu in series A. To date the company has raised 57 million dollars.
Mondu’s BNPL product currently allows for flexible payment terms through instant integration into the online merchants’ payment process. If a business customer decides to use one of the payment methods offered, Mondu coordinates the processing of payments as well as the related services.
The company last month secured a partnership with Raisin Bank for Banking-as-a-Service, which will add a new option for installment payments in the future, in addition to setting deferred payment dates through the merchant’s checkout.
“While B2B BNPL is behind the BNPL consumer market, we believe there is an opportunity of 200 billion dollars only in Europe and the US, which is larger than the global consumer market BNPL. This Series A and the support of our European and American investors will support us in the rapid scaling-up of our product and our customer size in view of the further expansion in Europe later this year.”, stated Philipp Povel, CO-Founder and CO-CEO of Mondu.
Since its launch last year, Mondu has staffed its team with over 100 people and, as part of the new funding round, plans to begin its international expansion – starting first in the Austrian market.