FinTech Mondu secures additional €30m debt financing
By Gloria Methri
B2B payments company Mondu has raised an additional €30 million in debt financing from German bank Vereinigte Volksbank Raiffeisenbank (VVRB).
Mondu secured €20 million from VVRB in October 2022, and the increased credit facility provides the firm with €50 million in addition to earlier equity investments. The company has raised more than €115 million since launching in October 2021. The financing will bolster its expansion across Europe this year.
Philipp Povel, Co-Founder and co-CEO of Mondu said, “This financing will enable 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. We are grateful for the continued trust and support from VVRB and look forward to our ongoing partnership.”
Ralf Magerkurth, CEO of VVRB, added, “Building on the success of our partnership in Germany and Austria, we remain steadfast in our belief in Mondu’s business model and its growth potential. 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.”
2023 was a significant year of growth for Mondu. The company launched a Digital Trade Account, simplifying high-frequency purchases by letting customers consolidate recurring purchases into one statement and pay it later. Additionally, Mondu expanded its BNPL products to serve not only online B2B purchases but also offer flexible payments in field sales, telesales or email orders.
It also signed a series of partnerships for continued customer growth. Partnering with UK payments specialist Acquired.com, a composable commerce platform Spryker, and MangoPay, a modular and flexible payment infrastructure provider for marketplaces and platforms.
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