Berlin-based B2B “buy now, pay later” will expand to the Netherlands this month.
Image source: World.
B2B payments company My due raised a funding round of 20 million euros from the German bank Vereinigte Volksbank Raiffeisenbank (VVRB).
The money is on top of the previous $57 million that the Berlin-based Buy Now, Pay Later (BNPL) raised in a combination of seed and Series A Funding.
My due raised $43m in its Series A in May from investors including Valar Ventures, Fintech Collective and a number of angel investors, to expand into Austria and across Europe, and is set to gain a foothold in the Netherlands this month.
“The fact that VVRB, a member of the Distinguished Group of German Cooperative Banks, is providing this loan lends a high level of credibility to our business.
“This is proof that our payment solutions are attractive to outside creditors.”
This funding will support the company’s European expansion and allow it to develop more payment solutions for business customers, according to Povel.
A relatively new kid on the BNPL block, My due provides a B2B solution for merchants and marketplaces.
It was founded late last year, is available in Germany and Austria, and is expanding to the Netherlands to enable cross-border trade between the three countries.
Currently, 48% of B2B orders are placed online in the Netherlands, and e-commerce revenue from physical goods is expected to reach around $38 billion this year, rising to $54.5 billion by 2025.
“Local B2B businesses will have better cash flow management, minimize operational workload and be able to scale operations effortlessly by selling overseas to buyers in Germany and Austria risk-free,” Pavel said.
As part of the expansion, My due plans to open a new office in the Netherlands, hire local staff and invest in local marketing activities, according to the company.
My due expansion also continued in the form of its suite C last month with the appointment of Julian Kurz as Chief Commercial Officer and Lauren Hoehlein Joseph as Chief Human Resources Officer and brings in the legal director of Klarna Miyu Lee earlier in the year.
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