German fintech, Mondu has launched its ‘buy now, pay later’ (BNPL) services for online businesses in the UK, the company has announced.
The move comes on the back of growing demand from UK businesses for BNPL services in an e-commerce sector worth an estimated $200Bn. This makes it the second largest market in Europe, after Germany where Mondu was founded in 2021.
Since then, the firm, which offers BNPL services to both merchants and marketplaces, has been expandingaggressively in the European market. Mondu launched in both Austria and the Netherlands, last year, while the new UK office brings its team to nearly 140 people across three locations in Berlin, Amsterdam and London.
“The time is right for Mondu to launch in the UK. UK B2B commerce is the second largest in Europe, and there’s a real need for BNPL as we’ve seen through a growing demand from UK businesses for our solutions, since our initial launch,” said Malte Huffmann, Co-Founder and Co-CEO of Mondu.
“Our payment solutions can help both online and offline companies across Britain provide their business customers with a consumer-like, best-in-class payment experience,” he added.
As the team grows, one recent noticeable senior appointment was that of Eric Weijman, formerly CRO of ABN Amro’s asset-based finance business. Based in the Netherlands, Weijman was named as the company’s new Chief Risk Officer.
Earlier this year Mondu added $13m to its Series A funding with its combined equity and debt funding now at $90m. The company further announced it had moved into the French market too, making Mondu available initially for buyers only.