[Funding alert] Berlin-based Mondu Secures extra €30 Million in Debt Funding

Thursday 25, 2024 | By Startup Rise EU

Berlin-based Mondu secures extra €30 million in debt funding from Vereinigte Volksbank Raiffeisenbank (VVRB), a German bank. By 2024, the funding will allow Mondu to grow throughout Europe.

Berlin-based Mondu secures extra €30 million in debt funding from Vereinigte Volksbank Raiffeisenbank (VVRB), a German bank. By 2024, the funding will allow Mondu to grow throughout Europe.

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In October 2022, Mondu obtained €20 million from VVRB; in addition to prior equity commitments, the expanded credit facility gives Mondu access to an additional €50 million. Over €115 million has been raised by Mondu since its October 2021 launch.

Philipp Povel, Co-Founder and co-CEO of Mondu, said: ”This financing will significantly bolster our European expansion, enabling us to ramp up expansion across the European market and develop additional payment solutions to benefit business customers. This step further strengthens our commitment to driving innovation and value in the B2B BNPL ecosystem. We are grateful for the continued trust and support from VVRB and look forward to our ongoing partnership.”

For Mondu, 2023 was a noteworthy year of expansion. The company works with top-tier retailers, wholesalers, and B2B marketplaces such as Orderchamp, a Dutch wholesaler, Notebooksbilliger, a top electronics shop in Germany, and PCSpecialist, a top technology provider in the UK.

Read also - Berlin-based Packmatic Secures €15 Million in Series A Round Funding

Additionally, Mondu introduced a Digital Trade Account that allows users to pay for recurrent transactions later, streamlining frequent high-frequency purchases. Furthermore, Mondu extended the functionality of its BNPL products to accommodate field sales, telesales, email orders, and online B2B transactions, all with various payment options.

In order to maintain its client base expansion, it also inked a number of agreements. collaborating with top composable commerce platform Spryker, UK payments expert Acquired.com, and modular and adaptable payment infrastructure supplier MangoPay for marketplaces and platforms.

Read also - London-based Metris Energy Secures €2.3 Million in Pre-Seed Funding

Ralf Magerkurth, CEO of VVRB, added: “Building on the success of our partnership in Germany and Austria, we remain steadfast in our belief in Mondu’s business model and its potential for growth. Our commitment extends beyond borders, as we are excited to support their expansion into other European countries further. This step is a testament to our confidence in Mondu’s vision and capabilities, and we are proud to be a part of their journey towards reshaping the industry across Europe.”

About Mondu

In order to streamline business-to-business payments, entrepreneurs Malte Huffmann, Philipp Povel, and Gil Danziger launched Mondu in 2021. At Mondu, They were transforming the B2B payments landscape by offering payment solutions that let any B2B business expand securely and swiftly.

Read also - London-based CryptoSafe Ltd Secures $20Million in Funding

With flexible payment periods, they empower merchants and marketplaces to provide the most widely used B2B payment options to their business clients across all sales channels, including online, telesales, and field sales.

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