Berlin-based Mondu, a B2B payments company, announced that it has secured an additional €30M in debt financing from German bank Vereinigte Volksbank Raiffeisenbank (VVRB). This funding adds to the €20M secured in October 2022, bringing Mondu’s total funds to €50M.
Mondu, since its launch in October 2021, has raised a total funding of over €115M.
Ralf Magerkurth, CEO of VVRB, says, “Building on the success of our partnership in Germany and Austria, we remain steadfast in our belief in Mondu’s business model and its potential for growth.”
“Our commitment extends beyond borders, as we are excited to support their expansion into other European countries further. This step is a testament to our confidence in Mondu’s vision and capabilities, and we are proud to be a part of their journey towards reshaping the industry across Europe.”
The funds will fuel Mondu’s European expansion in 2024.
Philipp Povel, co-founder and co-CEO of Mondu, says, “This financing will significantly bolster our European expansion, enabling us to ramp up expansion across the European market and develop additional payment solutions to benefit business customers.”
“This step further strengthens our commitment to driving innovation and value in the B2B BNPL ecosystem. We are grateful for the continued trust and support from VVRB and look forward to our ongoing partnership,” adds Povel.
BNPL solutions that enable B2B companies to grow quickly
Founded in 2021 by Malte Huffmann, Philipp Povel and Gil Danziger, Mondu is a B2B payment fintech company. It provides a “Buy Now, Pay Later” solution for B2B merchants and marketplaces, as well as payment terms in their online checkout.
This solution creates a win-win scenario, as businesses gain the flexibility to make purchases and payments on their terms, leading to higher conversion rates and average order values. Ultimately, Mondu’s innovative approach drives growth for merchants and marketplaces.
Mondu, now present in Germany, the Netherlands, and the UK, has a diverse team with talent from leading tech companies.
Recent growth and development
In 2023, Mondu claims to have achieved significant growth, forming partnerships with leading retailers and wholesalers like Notebooksbilliger, PCSpecialist, and Orderchamp.
The company expanded its presence with offices in Amsterdam and London, obtaining registration with the UK’s Financial Conduct Authority. It launched services with over 25 British businesses and is accessible to businesses in Germany, Austria, and the Netherlands, as well as buyers in Belgium and France.
Mondu launched a Digital Trade Account for consolidated payments and expanded its BNPL offerings to include offline transactions. The company also formed key partnerships with Acquired.com, Spryker, and MangoPay for continued customer growth.
Brief about Vereinigte Volksbank Raiffeisenbank (VVRB)
VVRB eG is a cooperative bank with 65,000+ members providing banking services. It specialises in innovative financing and securities operations, primarily serving Southern Hesse and Churfranken.