Today, we’re thrilled to announce an important milestone in Mondu’s history: our $43 million Series A round.
Since being founded in August 2021, we’ve been focused on delivering a highly attractive product, growing our merchant base and the number of businesses we serve, and filling our team with top-tier talent. The Series A round will help us continue to invest in our product and drive customer acquisition, as well as expand into more European countries later this year, beginning with Austria this June.
“While B2B BNPL is behind the consumer BNPL market, we believe there is a $200 billion opportunity just in Europe and the US, which is bigger than the global consumer BNPL market,” says Mondu co-founder and 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.”
Building B2B solutions for our digital future
Mondu’s BNPL solution offers the favorite payment methods in B2B, as well as flexible payment terms at checkout. Additionally, it drives conversion rate and incremental sales for merchants and can be easily integrated via APIs, plug-ins, and checkout widgets. Business customers, meanwhile, can enjoy the sort of frictionless checkout experience they’ve come to expect from B2C transactions.
This investment – led by US-based venture capital fund Valar Ventures – will enable us to continue scaling our Buy Now, Pay Later (BNPL) solution for B2B merchants and marketplaces.
“The B2B e-commerce market is larger than B2C but is underserved by current offerings, and supply chain financing is a growing need, particularly for SMBs,” says Andrew McCormack, founding partner of Valar Ventures. “Online transactions with financing options are limited. Mondu fixes all of these problems with its solution – it’s a game changer.”
Helping businesses fulfill their potential
Even as we scale, our north star remains the same: simplifying the financial lives of SMBs so that they can focus on their business.
“The concept of BNPL isn’t new in the B2B world – offline business trade has enjoyed it for decades,” says Malte Huffmann, co-founder and co-CEO of Mondu. “But as more companies increasingly move to digital, the need for BNPL for B2B online will grow immensely. We’re on the verge of a “digitalisation boom” and Mondu wants to be part of that revolution by driving innovation within the B2B payments space.”
We’ve already served thousands of businesses through our solution and signed merchant customers across industries, including cleaning, manufacturing, and raw materials. Among them is Ionto Comed, a manufacturer in the beauty sector that supplies salons with everything from massage treatment tables to apparative cosmetic equipment.
The Monduneers making our vision a reality
Almost 50% of the existing Mondu team is focussed on product, tech, and risk management. The dedication and ingenuity of our Monduneers has helped develop best-in-class risk management capabilities with high approval rates of over 90% of customers (both old and new) at checkout.
Earlier this year, we appointed former Klarna Legal Director Miyu Lee as our Chief Legal Officer and General Counsel to build a dynamic and modern legal and compliance team to match Mondu’s ambitions. We’re currently hiring for a wide range of senior and junior roles across the company – if you’re a talented professional whose ambition matches ours, apply to become a Monduneer!
Mondu is a Berlin-based fintech company in the B2B payments space whose purpose is to simplify the financial lives of SMBs so that they can focus on business. We provide a Buy Now, Pay Later solution for B2B. To date the company has raised $57 million. Our team features over 100 incredibly talented professionals from diverse backgrounds, with experience at leading companies in tech and elsewhere. The company was cofounded by serial entrepreneurs Philipp Povel and Malte Huffmann, as well as Gil Danziger.
About Cherry Ventures
Cherry Ventures is an early-stage venture capital firm led by a team of entrepreneurs with experience building fast-scaling companies such as Zalando and Spotify. The firm backs Europe’s boldest founders, usually as their first institutional investor, and supports them in everything from their go-to-market strategy and the scaling of their businesses. Cherry Ventures has previously invested in the seed stage of over 90 companies across Europe, including FlixBus, Flink, Auto1 Group, Infarm, Rows, Forto, and SellerX. Cherry Ventures is based in Berlin and invests across Europe with operations in London and Stockholm.
About FinTech Collective
FinTech Collective is a global venture capital firm backing entrepreneurs who are rewiring the way money moves through the world. Founded in 2012 and based in New York City, the firm has deep experience investing across capital markets, wealth management, banking, lending, payments, insurance, and DeFi. Backed by some of the world’s leading institutional investors, FinTech Collective manages over $750 million in regulatory assets and has invested in 77 portfolio companies. The managing partners of FinTech Collective met in their mid 20’s and helped build, scale, and successfully exit four fintech businesses.
About Valar Ventures
Valar Ventures is a venture capital fund based in the United States, founded by Andrew McCormack, James Fitzgerald, and Peter Thiel. The firm seeks out exceptionally talented teams and invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities such as Xero, Wise (formerly TransferWise), N26, BlockFi, Bitpanda, Qonto, Stash, Bestow, Taxfix, Neo, and Moss.