Berlin-based B2B buy now, pay later startup Mondu is to expand across Europe on the back of a $43 million Series A round led by Valar Ventures.
Previous investors Cherry Ventures, FinTech Collective, and tech entrepreneurs and senior executives from Klarna, Zalando, and SumUp have continued to support Mondu in its Series A. To date the company has raised $57M.
Mondu’s BNPL product currently allows for flexible payment terms via direct integration into the checkout process of online merchants. If a business customer decides to use one of the payment methods offered, Mondu coordinates the processing of the payments as well as associated services.
The firm last month secured a Banking-as-a-Service collaboration with Raisin Bank, which will add a new option for instalment payments in the future, in addition to setting deferred payment dates via the merchant checkout.
Philipp Povel, co-Founder and co-CEO of Mondu, says: “While B2B BNPL is behind the consumer BNPL market, we believe there is a $200Bn 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.”
Since starting last year, Mondu has scaled its team to over 100 people, and as part of the new round of funding, plans to start its international expansion - launching in the Austrian market first.