B2B payments firm Mondu today announced a $13 million Series A expansion round led by Valar Ventures in partnership with FinTech Collective. This new investment follows an impressive first year for Mondu, during which the company has grown rapidly, expanding into new markets and launching a variety of products that have made the financial lives of businesses easier. should be easier.

The Series A expansion brings the total investment round to $56 million and will enable further product development and market growth. Mondu is exploring new use cases for its B2B payment products, such as omnichannel solutions.

“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.”

Mondu Co-Founder and Co-CEO Philipp Povel.

Since announcing the first Series A last May, Mondu has introduced installment payments and expanded into Austria and the Netherlands, where it opened a second office in Amsterdam. Mondu’s team has grown from 20 people in early 2022 to 140 and has appointed more talent to its C-Suite, including Chief Commercial Officer Julian Kurz and Chief Human Resources Officer Lauren Hoehlein Joseph.

Since its founding in October 2021, Mondu has secured $90 million in equity and loan capital from Valar Ventures, FinTech Collective, Cherry Ventures, leading business angels and German bank VVRB.

“We strongly believe in Mondu’s ability to become a leader in B2B payments innovation. Last year the company demonstrated incredible growth not only in its product offering and customer base but also in terms of organisational maturity. We want to accelerate the execution of their vision further as Mondu continues to build a platform of B2B payments solutions to serve a variety of industries.”

Andrew McCormack, Founding Partner of Valar Ventures.

“We have backed the Mondu team since the beginning and have continued to be impressed with the team’s methodical execution. With this extra capital, the Mondu team can continue to distinguish themselves from their peers and become the gold standard for merchants in this rapidly growing category of fintech.”Thousands of businesses have already turned to Mondu’s solution, and the company has signed merchant customers across industries, including construction materials, electronics, beauty, cleaning, and manufacturing. One example of a Mondu customer is ChefsList, a marketplace for the restaurant industry and its suppliers and producers.

Gareth Jones, Founding Partner of FinTech Collective.

“ChefsList’s goal is to be a solution provider and partner for wholesalers, making their next step into the digital future easier and more efficient. With our launch of Mondu’s Buy Now, Pay Later solution, we are stabilising processes and securing a cash flow advantage for our customers. The food industry is the backbone of our economy. It ensures that we all have consistent and safe access to fresh food daily, whether there’s a pandemic or an energy crisis. With our innovations, we are assisting industry players in implementing much-needed digital transformation.”

ChefsList Founder André Klein.

In 2022, Mondu was recognized by Wired Magazine as one of the hottest startups in Berlin and featured by Accel during the inaugural FinTech 100 EMEA, the next generation of category leaders.