My duea Berlin, Germany-based B2B payments company raised €20 million in debt funding.
German bank Vereinigte Volksbank Raiffeisenbank provided the loan, granted to a Luxembourg-based SPV and guaranteed.
The financing allows Mondu to expand and diversify its refinancing with external investors – German and international.
Founded at the end of 2021 by Malte Huffman, Gil Danziger and Philipp Povel, Mondu launched a Buy Now, Pay Later for B2B solution for merchants and marketplaces. BNPL and Remittance solutions offer business buyers their preferred offline B2B payment methods and flexible payment terms in an online B2B checkout. The company’s solutions are already available for business customers in Germany and Austria, and will now be available in the Netherlands and enable cross-border trade between these countries. As part of its expansion, Mondu plans to open a new office in the Netherlands, hire local staff and invest in local marketing activities. A vast recruitment campaign is currently underway in Amsterdam. They also launched Split Payments, which allows business buyers to split their purchases into equal interest-free payments with no additional or hidden fees.
Since inception, the company has raised a total of $57 million through seed and Series A funding rounds from investors including Valar Ventures, Cherry Ventures, FinTech Collective and angel investors.