Mondu is pleased to announce an important milestone in their company’s history: their $43 million Series A round.
Since being founded in August 2021, they’ve been focused on “delivering a highly attractive product, growing [their] merchant base and the number of businesses [they] serve, and filling [their] team with top-tier talent.”
The Series A investment round will help them continue to invest in their product and drive customer acquisition, as well as “expand into more European countries later this year, beginning with Austria this June.”
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 US, which is bigger than the global consumer BNPL market. This Series A and the backing of our European and US investors will support us to rapidly scale our product and customer reach ahead of further expansion in Europe later this year.”
Mondu’s BNPL solution “offers the favorite payment methods in B2B, as well as flexible payment terms at checkout.”
Additionally, it “drives conversion rate and incremental sales for merchants and can be easily integrated via APIs, plug-ins, and checkout widgets.”
Business customers, meanwhile, can “enjoy the sort of frictionless checkout experience they’ve come to expect from B2C transactions.”
This investment – led by US-based venture capital fund Valar Ventures – will “enable us to continue scaling our Buy Now, Pay Later (BNPL) solution for B2B merchants and marketplaces.”
Andrew McCormack, founding partner of Valar Ventures, remarked:
“The B2B e-commerce market is larger than B2C but is underserved by current offerings, and supply chain financing is a growing need, particularly for SMBs. Online transactions with financing options are limited. Mondu fixes all of these problems with its solution – it’s a game changer.”
Previous investors Cherry Ventures, FinTech Collective, and tech entrepreneurs and senior executives from Klarna, Zalando, and SumUp “have continued to support us as part of our Series A.”
Even as they scale, their north star “remains the same: simplifying the financial lives of SMBs so that they can focus on their business.”
Malte Huffmann, co-founder and co-CEO of Mondu, added:
“The concept of BNPL isn’t new in the B2B world – offline business trade has enjoyed it for decades. But as more companies increasingly move to digital, the need for BNPL for B2B online will grow immensely. We’re on the verge of a “digitalization boom” and Mondu wants to be part of that revolution by driving innovation within the B2B payments space.”
They’ve already “served thousands of businesses through our solution and signed merchant customers across industries, including cleaning, manufacturing, and raw materials.”
Among them is Ionto Comed, a manufacturer in the beauty sector that “supplies salons with everything from massage treatment tables to apparative cosmetic equipment.”
Almost 50% of the existing Mondu team “is focused on product, tech, and risk management.”
The dedication and ingenuity of their Monduneers has “helped develop best-in-class risk management capabilities with high approval rates of over 90% of customers (both old and new) at checkout.”
Earlier this year, the firm “appointed former Klarna Legal Director Miyu Lee as our Chief Legal Officer and General Counsel to build a dynamic and modern legal and compliance team to match Mondu’s ambitions.”
They’re currently “hiring for a wide range of senior and junior roles across the company – if you’re a talented professional whose ambition matches ours, apply to become a Monduneer!”
As noted in the update, Mondu is “a Berlin-based fintech company in the B2B payments space whose purpose is to simplify the financial lives of SMBs so that they can focus on business.”
They provide a Buy Now, Pay Later solution for B2B.
To date the company has “raised $57 million.”
Their team features over 100 talented professionals “from diverse backgrounds, with experience at leading companies in tech and elsewhere.”
The company was “cofounded by serial entrepreneurs Philipp Povel and Malte Huffmann, as well as Gil Danziger.”