Berlin-based B2B buy now, pay later Mondu raises $43m for expansion to Austria and beyond

Only seven months after it raised a $14m seed round last October, Berlin-based B2B BNPL lender Mondu is today announcing a $43m Series A funding round.

Founded in August 2021 by Philipp Povel, Malte Huffmann and Gil Danziger, Mondu is essentially bringing a Klarna-like BNPL solution to online B2B checkouts.

Its latest round was led by Valar Ventures and saw existing seed investors FinTech Collective and Cherry Ventures as well as angel investors from Klarna, Zalando, and SumUp all taking part.

The cash will be used both to scale-up its business and prepare for expansion beyond Germany, as Mondu aims to launch in Austria this summer before tackling more European markets later in 2022.

“While B2B BNPL is behind the consumer BNPL market, we believe there is a $200bn opportunity just in Europe and the US, which is bigger than the global consumer BNPL market,” said Mondu’s co-CEO Philipp Povel.

“This Series A and the backing of our European and US investors will support us to rapidly scale our product and customer reach ahead of further expansion in Europe later this year.”

Now with a team of over 100 Mondu is continuing to hire a wide range of positions across its tech, risk, sales and operations teams.

Earlier this year Mondu recruited Klarna legal director Miyu Lee to join as its chief legal officer and general counsel after four years at the B2C BNPL giant.