Mondu, a B2B payments business, has added $13 million to its Series A fundraising round as it seeks to accelerate its global expansion.
Prior to May 2022, the FinTech startup secured $43m for the Series A. Valar Ventures, Cherry Ventures, and FinTech Collective provided this funding.
Mondu, which was founded in 2021, claims to have had a successful first year, growing swiftly, breaking into new markets, and launching a number of products.
Since receiving its initial round of Series A funding, Mondu has introduced its payment by installments services and grown into the Netherlands and Austria.
The B2B payments startup will advance its market expansion and product development with the new Series A funding. Additionally, it is looking for fresh applications for its B2B payment products, including an omnichannel solution.
The FinTech Collective also contributed to the investment, which was spearheaded by Valar Ventures.
With its B2B BNPL solution, Germany-based Mondu enables businesses to choose from a variety of customizable payback options. It also provides split payments, when a bill is split into six equal monthly payments.
Philipp Povel, a co-founder of Mondu and co-CEO, said: “Buy Now, Pay Later in B2B has established itself as a valuable tool to match the business buyers’ expectations by offering a “consumer” checkout experience and flexible payment options.
“We are convinced that by 2023, there will be a significant increase in demand for Buy Now, Pay Later for B2B. This financial tool has several advantageous consequences on consumers, as well as on sellers and marketplaces, who continue to experience rising basket sizes and increased customer loyalty.