Malte Huffmann, Gil Danziger and Philipp Povel/Mondu
Mondu secures €30m to double down on European expansion
The debt funding brings VVRB’s investment in Mondu to €50m
B2B payments fintech Mondu has raised €30m from Vereinigte Volksbank Raiffeisenbank (VVRB) as it pushes to expand across Europe in 2024.
The fresh round of debt financing adds to €20m the fintech raised from the German bank back in 2022, and brings its total funding to more than €115m since it launched in October 2021.
The Berlin-based B2B ‘buy now, pay later’ launched in the UK last March and is available to businesses in Germany, Austria and the Netherlands and buyers in Belgium and France, but is seeking to expand its footprint with the new funds.
”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,” Mondo co-founder and co-CEO Philipp Povel said.
“This step further strengthens our commitment to driving innovation and value in the B2B BNPL ecosystem.”
The plans for expansion follow a year of growth for Mondu, having expanded its BNPL products and made a series of partnerships, including with UK payments specialist Acquired.com and with leading fintech Mangopay at the end of 2023.
With the new capital from VVRB, the fintech plans to continue its growth across Europe as it plans to double down on its expansion.
“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,” VVRB CEO Ralf Magerkurth said.
“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.”