Trade credit provider Hokodo and Mangopay – a successful European payments platform, have announced a partnership that will see Hokodo’s solutions available to Mangopay B2B platforms.
Hokodo offers digital trade credit and B2B Buy Now, Pay Later (BNPL) solutions for merchants to sell more by offering credit terms to their customers instantly, even on their first purchase. Hokodo’s credit offerings are underwritten by SCOR Syndicate 2015, SCOR SE’s corporate syndicate at Lloyd’s of London.
Created in 2013, Mangopay reports that it has now supported over 2,500+ platforms and marketplaces – including online capital formation.
The two Fintechs say that marketplaces continue to become increasingly ubiquitous in the B2B e-commerce space. The Fintechs expect that up to 80% of B2B transactions will take place online by 2025.
By enhancing Mangopay’s solutions with Hokodo, it will be able to drive global growth for marketplaces.
Luke Trayfoot, Chief Revenue Officer at Mangopay, said that businesses need to keep pace with changing consumer preferences and Hokodo is a powerful solution to help businesses reach new customers. Mangopay users may now start accepting Hokodo services like BNPL in minutes.
Raphael Caruso, Director of Strategic Projects & Partnerships at Hokodo, stated:
“Marketplace operators themselves also need access to their funds as soon as possible to avoid working capital issues. Together, Mangopay and Hokodo’s complementary solutions satisfy the demands of each party.”