B2B payments company, Mondu, has raised an additional €30m in debt financing from German bank Vereinigte Volksbank Raiffeisenbank (VVRB). The financing will enable Mondu to expand across Europe in 2024.
The fresh injection of €30m is in addition to an initial €20m loan from VVRB in late 2022. This brings the total financing to €50m in addition to earlier equity investments. Mondu has now raised more than €115m since launching in October 2021.
Mondu now available in six European countries
In 2023, Mondu launched in the UK and became available to buyers in France and Belgium. Mondu is now available to buyers in six countries within Europe.
Philipp Povel, co-founder, CEO, Mondu, said: “This financing will significantly bolster our European expansion. It enables 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, added, “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. 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. We are proud to be a part of their journey towards reshaping the industry across Europe.”
2023: Mondu reports significant growth
According to Mondu, it enjoyed significant growth in 2023. The company opened offices in Amsterdam and London and registered with the UK’s FCA. Mondu is available to businesses in Germany, Austria, and the Netherlands, as well as buyers in Belgium and France.
Mondu also launched a Digital Trade Account. This simplifies high-frequency purchases by letting customers consolidate recurring purchases into one statement and pay it later. Additionally, Mondu expanded its BNPL products to serve not only online B2B purchases but also offer flexible payments in field sales, telesales or email orders.
