Fast-Growth B2B payments company Mondu Secures $13m Series A Extension for continued International Expansion
B2B payments company Mondu has announced a $13m Series A extension round led by Valar Ventures alongside FinTech Collective. The new investment follows an impressive first year for Mondu, where the company scaled fast, expanded into new markets and launched more products that simplify the financial lives of businesses.
The Series A extension takes the total investment round to $56m and will enable further market growth and product development. Mondu is exploring new use cases for its B2B payment products, such as an omnichannel solution.
Mondu Co-Founder and Co-CEO Philipp Povel said, “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.”
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.
Andrew McCormack, Founding Partner of Valar Ventures, commented, “We strongly believe in Mondu’s ability to become a leader in B2B payments innovation. Last year the company demonstrated incredible growth not only in its product offering and customer base but also in terms of organisational maturity. We want to accelerate the execution of their vision further as Mondu continues to build a platform of B2B payments solutions to serve a variety of industries.”
Gareth Jones, Founding Partner of FinTech Collective, added, “We have backed the Mondu team since the beginning and have continued to be impressed with the team's methodical execution. With this extra capital, the Mondu team can continue to distinguish themselves from their peers and become the gold standard for merchants in this rapidly growing category of fintech.”Thousands of businesses have already turned to Mondu’s solution, and the company has signed merchant customers across industries, including construction materials, electronics, beauty, cleaning, and manufacturing. One example of a Mondu customer is ChefsList, a marketplace for the restaurant industry and its suppliers and producers.
ChefsList Founder André Klein said, “ChefsList’s goal is to be a solution provider and partner for wholesalers, making their next step into the digital future easier and more efficient. With our launch of Mondu’s Buy Now, Pay Later solution, we are stabilising processes and securing a cash flow advantage for our customers. The food industry is the backbone of our economy. It ensures that we all have consistent and safe access to fresh food daily, whether there’s a pandemic or an energy crisis. With our innovations, we are assisting industry players in implementing much-needed digital transformation.”
In 2022, Mondu was recognised as one of the Hottest Startups in Berlin by Wired Magazine and was featured by Accel in its inaugural FinTech 100 EMEA, a list of the next generation of category leaders.
