We at FinTech Collective have spent the last two years hunting for the team with the experience, technical knowledge, ability to attract and hire the best talent, and a go-to market strategy that was highly aligned with our deep research of the B2B payments space.
We first met Malte and Philipp several years ago when they were based in Sao Paolo. During that time they founded Dafiti and scaled it into Latin America’s largest online fashion and lifestyle platform through its IPO in 2019 via Global Fashion Group (GFG:GR). In Philipp and Malte we have found that team, with 12 years of scaling global marketplaces we knew they intimately understood the payment obstacles both merchants and buyers face.
We are excited to back their mission to simplify the financial needs of SMBs across Europe. Mondu has raised $14m in seed equity financing led by FinTech Collective and Cherry Ventures and a number of founders and senior executives from Klarna, Zalando, Sum Up, and other leading fintech and ecommerce companies as angel investors.
B2B payments represent $130t of annual volume (5x consumer payment volumes) and are largely manually invoiced and processed. Like many industries, we witnessed an acceleration of digital transactions with B2B ecommerce expected to reach $18t this year alone. Buyers want a “consumerized” B2B payments experience while taking into account the complexities associated with these transactions, which typically require payment terms (net 30, 60, or 90 days) for the buyer. The existing payments infrastructure is not purpose-built for these digital business transactions.
Based in Berlin, Mondu will begin with a “buy-now-pay-later” (BNPL) product for B2B marketplaces and B2B merchants that will offer their customers, mostly SMBs, a seamless and flexible payment method with net terms without the financial and operational burden. The solution ultimately aims at empowering SMBs and allowing them to more strategically approach their finances.
Finance Forward (German) - Mondu raises $ 14 million in seed funding
This is the first step of many in the pursuit of our purpose to simplify the financial lives of SMBs so that they can focus on their core business
Malte and Philipp, co-founders of Mondu