Expansion Plans and Funding
B2B payments fintech Mondu has secured €30m in funding from Vereinigte Volksbank Raiffeisenbank (VVRB), as it aims to expand its operations across Europe in 2024. This funding comes in addition to the €20m the company raised from VVRB in 2022, bringing its total funding to over €115m since its launch in October 2021.
Market Presence and Growth
Mondu, based in Berlin, offers ‘buy now, pay later’ services to businesses in Germany, Austria, the Netherlands, Belgium, and France. The company recently entered the UK market and has witnessed significant growth since its inception. It has expanded its BNPL products and formed strategic partnerships with payment specialists Acquired.com and fintech Mangopay.
European Expansion and Innovations
The latest funding from VVRB will drive Mondu’s expansion plans across Europe. The company aims to enhance its presence in existing markets and explore opportunities in new European countries. Co-founder and co-CEO Philipp Povel expressed confidence that the funding would help them develop innovative payment solutions for B2B customers.
Support from VVRB
Ralf Magerkurth, CEO of VVRB, emphasized the bank’s belief in Mondu’s business model and its potential for growth. He reiterated the bank’s commitment to supporting Mondu’s expansion and reshaping the industry in Europe.