Mondu, a Berlin-based fintech startup focusing squarely on B2B payment services, has added €30 million to a debt financing transaction initially provided by Vereinigte Volksbank Raiffeisenbank (VVRB) in October 2022.
Now totalling €50 million, the working capital will support Mondu’s 2024 pan-European expansion plans.
Mondu co-CEO and co-founder Philipp Povel elaborates:
”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.”
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.
The company has gone on to attract several key ecosystem players including former Klarna exec Miyu Lee, former VMware exec Julian Kurz, former VP People at Grover, Lauren Hoehlein Joseph, and in combination with today’s announcement of an additional €30 million, has raised over €115 million from investors including Valar Ventures, Cherry Ventures, and the FinTech Collective.
Having experienced rapid growth across Germany, Austria, and the Netherlands, Mondu made a UK market entry in early 2023, opening an office in London and led by former TrueLayer UK country manager, Roger De’Ath as managing director, and announced a successful registration with the FCA in October the same year.
On the further financial support provided to Mondu, VVRB CEO Ralf Magerkurth shared:
“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.”
Lead image: Mondu co-founders Malte Huffmann, Philipp Povel and Gil Danziger. Photo: Uncredited.