B2B payments company Mondu has successfully registered with the Financial Conduct Authority (FCA). Following its quick expansion across Europe, Mondu opened in the UK in March of this year. In addition to the UK, Mondu is available to businesses in Germany, Austria and the Netherlands. It is also available to buyers in Belgium and France
It will begin working with 16 British clients immediately.
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The UK is one of the most digitised markets in Europe. More than 80% of British businesses have a website. More than 50% of companies already make online purchases. The UK B2B e-commerce market is valued at more than $200bn. And according to Mondu, there is a growing need for B2B BNPL solutions.
Among the 16 companies going live with Mondu in the UK are technology provider PCSpecialist, electrical specialist Hughes Trade, business travel provider Clooper, Sera Technology for lighting and sports nutrition company Raw Sport. Other customers include businesses operating in software, business letting and restaurant supplies.
Roger De’Ath, Managing Director at Mondu, said: “With today’s news that Mondu is now registered with the FCA, we are already primed to launch with a range of businesses across the UK. It’s an incredibly exciting day as the UK presents a great opportunity for B2B BNPL. There is a growing demand for consumer-like experiences in B2B. With Mondu’s new solutions like Digital Trade Account, businesses are empowered to offer their customers to purchase and pay when they want. This means higher conversion rates, increased order value, and growth for all businesses.”
Funding, Acquired.com and Spryker
Mondu received €20m in debt funding from Vereinigte Volksbank Raiffeisenbank (VVRB) bank last October. This investment followed Mondu’s $42m raise in May 2022 to support European expansion.
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By GlobalDataIn July this year, the firm teamed up with payments specialists Acquired.com. The collaboration enabled Mondu to reach more B2B merchants and marketplaces for B2B payment solutions for their customers. Acquired.com will host Mondu’s B2B payment services suite on its network. And then in August, Mondu
announced a new partnership with Spryker. Through Spryker’s platform-as-a-service solution, Mondu is available as a payment partner enabling Spryker’s clients to offer flexible payments to their B2B buyers.
