B2B payments company Mondu has announced its latest market expansion into the United Kingdom.
Following Mondu’s fast growth across Germany and its expansion into Austria and the Netherlands in 2022, the UK is the fourth market where its Buy Now Pay Later solutions for B2B will be available to merchants and marketplaces.
The company is opening an office in London and hiring a UK team.
“The time is right for Mondu to launch in the UK,” said co-founder and co-CEO Malte Huffmann.
“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.
“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.”
The UK is one of the most digitised markets in Europe, with 83% of British businesses having a website and more than half of businesses already making purchases online.
Mondu empowers business customers to purchase and pay when they want, which translates to a higher conversion rate and average order value, driving growth for merchants and marketplaces.
UK businesses can also cross-sell with Germany, Austria, the Netherlands and France. The French market is another new addition from Mondu, currently enabled for buyers only and coinciding with the UK launch.
The company announced a $13m Series A extension round in January, bringing its combined equity and debt funding to $90m since it was founded in October 2021.
Meanwhile Eric Weijman will join Mondu as chief risk officer from Netherlands-based ABN AMRO Asset Based Finance, where he oversaw a team of 150 international risk professionals.
He will be based in Mondu’s Amsterdam office, and will oversee risk management frameworks that protect the interests of the company while ensuring regulatory compliance.
Mondu’s UK team includes commercial and customer service professionals and will be overseen by a country lead.