Before we even get started, let me say that again, Berlin-based B2B payments fintech Mondu has raised $14 million in seed funding. Seed. Funding.
Now that you, me, and the wall have had time to pick our jaws up off the floor, let’s get into the what in the wtf?
Mondu was founded in August of this year. Wait, hang on, August?!?!? I need another minute.
Aaaand we’re back. Yes, where was I? Ah right. Mondu was founded by seasoned merchants Malte Huffmann and Philipp Povel and will kick things off with the darling du jour product, a buy-now-pay-later (BNPL) offer for B2B marketplaces and merchants a flexible payment method with net terms, all without the financial and operational headaches often associated with the process.
Now, if you’re like me, this whole B2B BNPL thing is ringing a bell. Let’s go check the Tech.eu (it’s a capital T Robin reminds me) archives, et violà, London’s Hokodo is doing something very similar. And then of course there’s Amsterdam’s Biller. So what’s got FinTech Collective and Cherry Ventures all hot and bothered enough to lead a $14 million seed round?
Well, like any sound and often successful investment, the product is one thing, the team and founders are another. And here’s where the differentiator steps in.
Malte Huffmann and Philipp Povel might not be household names, but after digging in (I think VC firms call this due diligence?), they are a power duo that other players in the space should rightly take heed of.
Malte Huffmann has had stints at the Boston Consulting Group and Zalando before heading off to Brazil to co-found Dafiti, and Philipp Povel has seen time at JP Morgan, co-founded MyBrand, and is Huffmann’s co-founder at Dafiti. If you’ve been paying attention to the LATAM e-commerce scene, via the Global Fashion Group, one of the dominant players in the region, Dafiti had a successful IPO back in 2019.
On the new venture Huffmann and Povel comment, “This is the first step of many in the pursuit of our purpose to simplify the financial lives of SMBs so that they can focus on their core business. We’re excited to work with such complementary investors and angels who bring deep-rooted experience in fintech, B2B, and e-commerce as B2B spending and marketplaces shift rapidly online.”
As mentioned, FinTech Collective and Cherry Ventures led the seed round, with a number of founders and senior executives from Klarna, Zalando, SumUp, and other leading fintech and e-commerce companies participating as angel investors.