B2B payments company Mondu has extended its Series A funding round by $13m, as it looks to bolster its market growth.
The FinTech company previously secured $43m for the Series A in May 2022. This capital was supplied by Valar Ventures, Cherry Ventures and FinTech Collective.
Founded in 2021, Mondu claims to have experienced an impressive first year, having scaled quickly, entered new markets and launched several products.
Since the first tranche of Series A funding, Mondu launched the payment by instalments services, and expanded into Austria and the Netherlands.
With the fresh Series A capital, the B2B payments company will further its market growth and product development. It is also seeking new use cases for its B2B payment products, such as an omnichannel solution.
The investment was led by Valar Ventures, with support also coming from the FinTech Collective.
Germany-based Mondu offers B2B BNPL service at checkouts, allowing companies to select flexible repayment terms. It also offers split payments where a bill is evenly spread across six monthly instalments.
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.”
The B2B payments company has raised a total of $90m in equity and debt, to-date.
Another B2B BNPL company to raise capital this week was Singapore-based actyv.ai. the company secured $12m for its pre-Series A round, as it gears up for international expansion.
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