B2B BNPL and digital trade credit solution developer Hokodo has extended its Series B round with an undisclosed investment from Citi.
The FinTech company initially raised $40m in its Series B round in June 2022. The investment was led by Notion Capital, with commitments also coming from Korelya Capital, Mundi Ventures, Opera Tech Ventures, Anthemis and Mosaic Ventures
With the fresh investment from Citi, Hokodo plans to enter new geographic regions. Its services are currently available in the UK, France, Spain, Germany, Belgium and the Netherlands.
In addition to the expansion efforts, the funding will help Hokodo provide more working capital to customers.
Hokodo, which is based in the UK, provides businesses with a buy now pay later service, allowing merchants to get paid upfront and buyers are able to spread the cost of a payment across various payment terms.
Hokodo co-founder and co-CEO Richard Thornton said, “We’ve recently launched a range of new functionalities enhancing buyer ability to pay on an immediate or deferred basis, plus the option for merchants to top up credit limits for their buyers.
“With this new investment, we’re going to continue working with our customer feedback to develop the comprehensive payment solution that our merchant partners and their buyers need to grow and thrive.”
Citi Treasury and Trade Solutions global head of trade and working capital solutions Chris Cox said, “Citi is pleased to invest in Hokodo, and we look forward to deepening our relationship further. Digital marketplaces are increasingly important to our clients and their evolving business models, which require always-on and real-time digital trade and working capital solutions.”
Fellow B2B BNPL provider actyv.ai recently bagged $12m in its pre-Series A funding round. The Singaporean company raised the capital to support its global expansion goals.
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