“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.”
Mondu, a rapidly growing B2B payments company, has obtained an additional €30M in debt financing from Vereinigte Volksbank Raiffeisenbank (VVRB), a German bank. This new funding aims to bolster Mondu’s European expansion efforts in 2024.
Previously, in October 2022, Mondu secured a €20M loan from VVRB. With this latest financing, Mondu’s total funding from VVRB amounts to €50M, supplementing its earlier equity investments. Since its inception in October 2021, Mondu has raised over €115M.
“This financing will significantly bolster our European expansion”
Philipp Povel, Co-Founder and co-CEO of Mondu, commented: ”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.”
Ralf Magerkurth, CEO of VVRB, said: “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.”
Mondu’s Digital Trade Account streamlines high-frequency purchases
In 2023, Mondu experienced significant growth. It partnered with leading retailers and wholesalers like Notebooksbilliger in Germany, PCSpecialist in the UK, and Orderchamp in the Netherlands. Mondu opened offices in Amsterdam and London and launched its services with over 25 British businesses after registering with the UK’s Financial Conduct Authority. Besides the UK, Mondu serves businesses in Germany, Austria, the Netherlands, and buyers in Belgium and France.
Mondu introduced a Digital Trade Account to streamline high-frequency purchases. This service lets customers consolidate recurring purchases into a single statement for later payment. Mondu also expanded its BNPL products to support not only online B2B purchases but also flexible payments in field sales, telesales, or email orders. Mondu has formed partnerships with Acquired.com in the UK, Spryker, and MangoPay for continued customer growth.