With the UK B2B e-commerce sector worth an estimated $200 billion, Mondu’s arrival at the table home that plays host and creator of Shepards Pie was nothing but inevitable. And so arrives the day, as BNPL for B2B transactions player Mondu expands to its fourth market with the UK, having experienced tremendous and rapid growth across Germany, Austria and the Netherlands.
Beyond the existing numbers totaling close (ish) to a quarter trillion dollars in market value, according to the Global Payments Report 2022, the UK remains one of Europe’s (whether the inhabitants of this island want to recognise it or not) most digitised markets with 83% of all British businesses having some form of web presence, and 50% reporting some form of e-commerce transactions related to supporting their continued commerce. In other words, and more directly to Mondu’s value proposition - it’s a market rife for its offer.
“The time is right for Mondu to launch in the UK. UK B2B commerce is the second largest in Europe, and there's a real need for BNPL, as we've seen through a growing demand from UK businesses for our solutions since our initial launch,” said Mondu co-CEO and co-founder Malte Huffmann. “Our payment solutions can help both online and offline companies across Britain provide their business customers with a consumer-like, best-in-class payment experience.”
In addition to the push into the UK market Mondu has announced the appointment of yet another high-profit C-suite executive, this time it’s
Eric Weijman joining the company in the role of Chief Risk Officer (CRO) from Netherlands-based ABN AMRO Asset Based Finance N.V., where he oversaw a team of 150 international risk professionals.
“After having a great time in a corporate environment, I felt committed to joining an entrepreneurial organisation. Mondu’s founders and C-suite see risk management as a growth lever for the business, and its sustainable execution strategy convinced me of its world-winning potential. Based on my experience in asset-based working capital financing, I recognised a growing need for SMEs to have B2B payment and working capital solutions, which stem from the current digital age,” siad Weijman. “I strongly believe Mondu has a right to win in this exciting and enormous market.”
As a refresher, Mondu, or Mondu woo woo woo as I’ve begun calling them, 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, and kicked off the year with the announcement of a $13 million Series A round extension.
If the company’s track record of not only attracting solid investors and top talent to the table, growing solidly in Germany, Austria, and the Netherlands, and now making inroads into the UK, in conjunction with the latter’s launch, Mondu is also offering its services to buyers only (for now) in France. Ooo la la!