Berlin-based B2B purchase now, pay later firm Mondu has secured an additional $13 million in Series A investment from FinTech Collective and Valar Ventures, bringing the total amount raised to $56 million.
Since launching its initial Series A round in May last year, Mondu has expanded into Austria and the Netherlands, opening a second office in Amsterdam and launching payment by installments.
From 20 members at the beginning of 2022, the Mondu team has increased to 140. The C-Suite has added more talent, including Chief Commercial Officer Julian Kurz and Chief People Officer Lauren Hoehlein Joseph.
Mondu has received $90 million in equity and debt investment since its founding in October 2021 from Valar Ventures, FinTech Collective, Cherry Ventures, well-known business angels, and German bank VVRB.
Mondu’s BNPL solution directly integrates with an online retailer’s checkout process to offer flexible payment periods. Mondu manages the processing of payments and related services if a business customer utilizes one of the accepted payment options.
Mondu co-founder and co-CEO Philipp Povel says: “Buy now, pay later in B2B has established itself as a valuable tool to meet the business buyers’ expectations, providing a ‘consumer’ checkout experience and flexible payment. We are confident that the demand for Buy Now, Pay Later for B2B will grow dramatically in 2023. There are many positive effects of this financial tool, not only for buyers but also merchants and marketplaces as they continue seeing basket sizes increase and enhanced loyalty of buyers.”
