As part of Mondu's endeavour to assist B2B businesses in achieving their utmost potential, we're delighted to reveal a new partnership with Banking-as-a-Service provider Raisin Bank.
This partnership is crucial for developing our Buy Now, Pay Later solution for online B2B merchants and marketplaces, which allows trade customers to select invoice payment with flexible terms when utilising an online checkout. Raisin will aid in addressing regulatory requirements for factoring, whilst also providing payment and account services.
Raisin is well-known throughout Europe's fast-growing fintech community for offering a wide range of innovative, tailored, and reliable services, including expert advice and efficient Banking-as-a-Service solutions. As a fronting and service bank with a full banking licence, Raisin will assist Mondu in implementing our Buy Now, Pay Later solution for online B2B checkouts.
Addressing the increasing demand for B2B payment innovation
Whilst the B2C payments space has experienced incredible innovation in the last decade, advancements in the B2B payments space have lagged behind.
Invoice payment, in which goods or services are paid for only after they've been received, has long been the industry standard, but these transactions are largely still carried out offline. This is in spite of the fact that nearly 95% of B2B companies desire invoice payment offered as a choice when purchasing goods in an online shop.
Mondu's solution brings the favoured payment methods of B2B business into the online world. By providing Buy Now, Pay Later to their business purchasers, merchants and marketplaces can experience increased conversion rates and revenues, swift payouts and a reduced operational workload. Purchasers, meanwhile, profit from extended credit and adaptable payment terms, considerably assisting them with their cash flow management.
The significance of credit risk assessments for Buy Now, Pay Later
Importantly, Mondu enables merchants and marketplaces to offer Buy Now, Pay Later to all trade customers – existing and new – thanks to our in-house credit risk engine. Powered by Fraugster's AI, Mondu's engine operates in real-time prior to the completion of a sale, guaranteeing a seamless checkout experience for customers.
"We are proud to bolster the Berlin-based payment industry by partnering with our local neighbours Fraugster," says Mondu Co-Founder & CTO Gil Danziger. "Fraugster's solution is a brilliant complement to our in-house AI-based credit risk engine."
This partnership is a significant move in providing B2B clients their preferred payment options when purchasing online, and we're delighted to have a reliable partner on board.