If you’ve been keeping tabs on the money flowing into Berlin-based Mondu’s coffers, the timing of today’s announcement of a $13 million extension to its Series A round bang on the money. Literally.
Led by Valar Ventures, with participation from FinTech Collective, this now brings Mondu’s Series A numbers to a healthy $56 million, a figure that sees the just-over-a-year-old startup topping out just shy of $90 million raised.
As you might expect, this extension is aimed at helping the company further it's market growth and position as well as flesh out product development, a roadmap that includes a number of new use cases such as an omnichannel solution.
As a refresher, the BNPL for B2B provider made a splash on the scene in October of 2021 with a $14 million seed round. When following up on this figure, it turns out that this sound round was 100 percent equity. Not a bad seed round by any means.
Since then the company has snagged former Klarna exec Miyu Lee as Chief Legal Officer and General Counsel, welcomed former VMware exec Julian Kurz to the role of Chief Commercial Officer, appointed former VP People at Grover, Lauren Hoehlein Joseph as Chief People Officer, bagged $43 million in the first portion of its Series A round, and brought home €20 million in a debt financing round last October.
Putting those appointments and cash to use, Mondu has expanded into Austria and The Netherlands, of which, the capital city of the latter plays host to the company’s second office.
While the consumer counterpart of the ubiquitous BNPL craze has seen some, arguably predictable, rough seas of late, its B2B cousin caters to a different clientele, one that’s used to payment terms in a dramatically different manner.
“Buy Now, Pay Later in B2B has established itself as a valuable tool to meet the business buyers’ expectations, providing a ‘consumer’ checkout experience and flexible payment,” says Mondu co-founder and co-CEO Philipp Povel. “We are confident that the demand for Buy Now, Pay Later for B2B will grow dramatically in 2023. There are many positive effects of this financial tool, not only for buyers but also merchants and marketplaces as they continue seeing basket sizes increase and enhanced loyalty of buyers.”