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In a bid to accelerate its growth, Mondu has recruited top talents to its experienced team. The company has added around 37 new hires.
Mondu GmbH, a B2B platform based in Berlin, has announced to have raised $43 million in a Series A funding round led by Peter Thiel’s Valar Venture. This was participated by “Cherry Ventures, FinTech Collective, and tech entrepreneurs and senior executives from Klarna, Zalando, and SumUp”. The money will be used for its expansion into more European countries. It has over the years made efforts to accelerate the “Buy Now Pay Later” (BNPL) concept into the B2B space. In October, the company raised a $14 million Seed round, a month after its establishment.
“The B2B payments market is immense, and its transition to digital has been accelerated over the past couple of years. The B2B e-commerce market is larger than B2C but is underserved by current offerings, and supply chain financing is a growing need, particularly for SMBs. Online transactions with financing options are limited,” Andrew McCormack, founding partner of Valar Ventures.
The expansion in Europe is very important to the evolution of the company as the opportunity in just Europe and the US is around $200 billion according to Philipp Povel, co-founder and co-CEO of Mondu. This is said to be far bigger than the global consumer BNPL market.
“While B2B BNPL is behind the consumer BNPL market, we believe there is a US$200bn opportunity just in Europe and the US, which is bigger than the global consumer BNPL market,” Philip said.
Mondu has since last year engaged the use of merchants across various industries including cleaning, manufacturing, and beauty.
Malte Huffmann, co-founder and co-CEO of Mondu mentioned in a statement that the need for BNPL for B2B will grow considerably.
“The concept of BNPL isn’t 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 “digitalization boom,” and Mondu wants to be part of that revolution and drive innovation within the B2B payments space,” he said.
In a bid to accelerate its growth, Mondu has recruited top talents to its experienced team. The company has added around 37 new hires. Former Klarna legal director Miyu Lee has recently been made the new chief legal officer and general counsel. According to reports, 50% of workers are focused on the areas of product, tech, and risk management.
The Mondu funding round comes at a point when the B2C BNPL sector has seen a very bad week as inflation has forced Klarna Inc to reduce 10% of its global workforce. The sector has also been affected by a shift in consumer sentiment, volatility in the stock market, as well as a possible recession.