B2B BNPL service Mondu surpasses $43m in its Series A

German buy now, pay later platform Mondu has scored $43m in its Series A funding round, which was led by seasoned FinTech investor Valar Ventures.

Existing Mondu investors, including Cherry Ventures and FinTech Collective also joined the Series A. So did tech entrepreneurs and senior executives from Klarna, Zalando, and SumUp.

With the capital, the company plans to scale its BNPL services for merchants and marketplaces by investing into its product and customer acquisition. Expansion into more European countries is also planned for this year, with a launch in Austria in the summer.

The company is looking to hire junior and senior staff across its tech, risk, sales and operations teams.

Mondu aims to simplify the financial lives of SMBs so they can focus on their business. Its BNPL services offers businesses a flexible payment term. Mondu co-founder and co-CEO Malte Huffmann said, ?The concept of BNPL isnt new in the B2B world offline business trade has enjoyed it for decades. But as more companies increasingly move to digital, the need for BNPL for B2B online will grow immensely. We are on the verge of a “digitalisation boom” and Mondu wants to be part of that revolution by driving innovation within the B2B payments space.p>

Businesses can select repayment terms of 14, 30, 45 or 60 days. Mondu claims to have served thousands of businesses and signed merchant customers across beauty, cleaning, and manufacturing industries.

The company recently named former Klarna legal director Miyu Lee as its chief legal officer and general counsel to build a dynamic and modern legal compliance team.

To date. The FinTech company has raised a total of $57m in funding.

Last week, Dutch BNPL company in3 scored $85.3m in its Series B funding round. The company, which launched in 2018, provides consumers with pay-later services with no interest or hidden costs.

Copyright ? 2022 FinTech Global

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