Mondu, a fast-growing B2B payments company, has raised an additional €30 million in debt financing from German bank Vereinigte Volksbank Raiffeisenbank (VVRB). The financing will enable Mondu to expand across Europe in 2024.
Mondu secured €20 million from VVRB in October 2022; the increased credit facility provides Mondu with €50 million in addition to earlier equity investments. Mondu has raised more than €115 million since launching in October 2021.
Philipp Povel, Co-Founder and co-CEO of Mondu, said: ”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.”
Mondu was founded in 2021 by entrepreneurs Malte Huffmann, Philipp Povel and Gil Danziger to simplify B2B payment transactions. Mondu now has offices in three markets – Germany, the Netherlands and the UK – and a diverse team of talented professionals with experience from the best companies in tech and elsewhere.
2023 was a significant year of growth for Mondu. The company works with market-leading retailers, wholesalers and B2B marketplaces like Notebooksbilliger, a leading electronics retailer in Germany, PCSpecialist, a leading technology provider in the UK, and Orderchamp, a wholesaler from the Netherlands.
The company opened offices in Amsterdam and London and successfully registered with the UK’s Financial Conduct Authority, launching its services with over 25 British businesses. In addition to the UK, 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, simplifying 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. It also signed a series of partnerships for continued customer growth. Partnering with UK payments specialist Acquired.com, leading composable commerce platform Spryker, and MangoPay, a modular and flexible payment infrastructure provider for marketplaces and platforms.
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, 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.”
