Berlin’s Mondu, a leader in B2B payments, has secured an additional €30M in debt financing from German bank Vereinigte Volksbank Raiffeisenbank (VVRB), bringing its total funds to €50M. This strategic move follows a €20M funding secured in October 2022, the total funding now exceeding €115M since its launch in October 2021.
Ralf Magerkurth, CEO of VVRB, expressed strong belief in Mondu’s business model and its growth potential, emphasizing the bank’s support for the german company’s expansion beyond Germany and Austria into other European countries. This funding is a testament to the confidence in the startup’s vision and capabilities, aiming to reshape the B2B payment industry across Europe.
Utilizing Capital for Expansion
Philipp Povel, Co-Founder and Co-CEO stated that this financing would significantly bolster their European expansion, allowing the company to develop additional payment solutions to benefit business customers. This step reinforces Mondu’s commitment to driving innovation and value in the B2B BNPL ecosystem.
Revolutionizing B2B Payments
Founded in 2021 by Malte Huffmann, Philipp Povel, and Gil Danziger, Mondu offers a “Buy Now, Pay Later” solution for B2B merchants and marketplaces, enhancing flexibility for businesses and leading to higher conversion rates and average order values. The firm’s innovative approach supports rapid growth for merchants and marketplaces.
Recent Growth and Development
In 2023, Mondu achieved significant growth, forming partnerships with leading retailers and wholesalers and expanding its presence with offices in Amsterdam and London. The company also launched services with over 25 British businesses, showcasing its rapid expansion and the effectiveness of its BNPL solutions.