Berlin-based B2B payments company Mondu has successfully registered with the Financial Conduct Authority (FCA) and will begin working with 16 British clients immediately.
Having experienced tremendous and rapid growth across Germany, Austria, and the Netherlands, Mondu entered the UK market earlier this year, opening an office in London and led by former TrueLayer UK country manager, Roger De’Ath as managing director.
As a refresher, Mondu offers B2B payment mechanisms to merchants and marketplaces that are on par with their B2C counterparts and made a splash on the scene in October of 2021 with a $14 million, all-equity seed round.
With more than 80 percent of all British businesses having a website and over 50 percent of companies making online purchases in one form or another, the UK is one of the most digitised markets in Europe. Accounting for the fact that the B2B e-commerce market in the UK is valued at over $200 billion, the logic behind Mondu’s interest in securing FCA approval to begin trading is readily apparent.
Amongst the 16 companies going live with Mondu are technology provider PCSpecialist, electrical specialist Hughes Trade, business travel provider Clooper, Sera Technology for lighting, and sports nutrition company, Raw Sport.
On the registration, De'Ath commented:
“With today’s news that Mondu is now regulated by 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 and 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.”
Lead image: Photo by James Giddins