Berlin-based B2B buy now, pay later startup Mondu has raised a $13m Series A extension led by Valar Ventures alongside FinTech Collective, bringing total funding from the round to $56 million.
Since announcing its initial Series A last May, Mondu introduced payment by installments, and expanded into Austria and the Netherlands, where it established a second office in Amsterdam.
The Mondu team has grown from 20 people at the start of 2022 to 140 people, and appointed more talent to its C-Suite, including chief commercial officer Julian Kurz and chief people officer Lauren Hoehlein Joseph.
Since it was founded in October 2021, Mondu has secured $90 million in equity and debt financing from Valar Ventures, FinTech Collective, Cherry Ventures, high-profile business angels and German bank VVRB.
Mondu’s BNPL product currently allows for flexible payment terms via direct integration into the checkout process of online merchants. If a business customer decides to use one of the payment methods offered, Mondu coordinates the processing of the payments as well as associated services.
Mondu co-founder and co-CEO Philipp Povel says: “Buy now, pay later in B2B has established itself as a valuable tool to meet the business buyers’ expectations, providing a ‘consumer’ checkout experience and flexible payment. We are confident that the demand for Buy Now, Pay Later for B2B will grow dramatically in 2023. There are many positive effects of this financial tool, not only for buyers but also merchants and marketplaces as they continue seeing basket sizes increase and enhanced loyalty of buyers.”