B2B payment solutions provider Mondu has raised an additional 30 million euros ($33 million).
This new debt financing from Vereinigte Volksbank Raiffeisenbank eG adds to 20 million euros ($22 million) raised in October and brings Mondu’s total funding to over 115 million euros ($125 million) since its launch in October 2021, the company said in a Thursday (Jan. 25) post on LinkedIn.
“The new investment fuels our mission to expand into new European markets and develop additional payment solutions to meet the evolving needs of our business customers,” Mondu said in the post.
Mondu’s B2B payment solutions enable merchants and marketplaces to offer their business customers flexible payment terms online, over the phone and in the field, according to the company’s LinkedIn page.
The company offers buy now, pay later (BNPL) solutions that include purchase on invoice, Single Euro Payments Area (SEPA) direct debit and installments, the page said. Mondu also protects its customers from default risk and eliminates the need for them to handle collections .
“Mondu brings B2B payments up to par with B2C payments, putting customers at the heart of the payment flow and ensuring they have a seamless, modern and state-of-the-art experience — whether they are sellers or buyers,” the company said on the page.
B2B payments are fueling the uptake of BNPL in Europe, PYMNTS reported in February. BNPL for business has been gaining traction, buoyed by increasing funding rounds and partnerships, including earlier ones announced by Mondu.
When announcing the company’s Series A round in May 2022, Mondu Co-founder and Co-CEO Philipp Povel said: “While B2B BNPL is behind the consumer BNPL market, we believe there is a $200 [billion] opportunity just in Europe and the U.S., which is bigger than the global consumer BNPL market.”
In December, the company partnered with Mangopay to support B2B marketplace businesses across Europe by offering them a modular payments infrastructure that can be tailored to meet their specific needs.
In August, Mondu teamed with composable commerce platform Spryker to offer flexible payment solutions to more B2B buyers and help businesses increase their online sales and revenue. One of the key features of this collaboration is the availability of Mondu’s BNPL solutions to Spryker customers.
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