This extension comes less than 10 months after Hokodo announced the Series B funding in June 2022.

The latest cash injection will support Hokodo’s ambition to grow and enter new geographic regions. The B2B payments scaleup has already entered 6 of Europe’s largest markets including the UK, France, Spain, Germany, Belgium and the Netherlands, with imminent announcements of further expansion.

“We’ve recently launched a range of new functionalities enhancing buyer ability to pay on an immediate or deferred basis, plus the option for merchants to top up credit limits for their buyers,” explains Richard Thornton, co-founder and co-CEO at Hokodo. “With this new investment, we’re going to continue working with our customer feedback to develop the comprehensive payment solution that our merchant partners and their buyers need to grow and thrive.”

Ultimately, this funding means that a greater number of businesses across Europe will be able to access financing without impacting the working capital or operational capacity of sellers.

Chris Cox, Global Head of Trade and Working Capital Solutions at Citi Treasury and Trade Solutions said: “Citi is pleased to invest in Hokodo, and we look forward to deepening our relationship further. Digital marketplaces are increasingly important to our clients and their evolving business models, which require always-on and real-time digital trade and working capital solutions.”