BNPL Fintech Company Mondu Receives $43 Million
The fact that Mondu is able to close a quite considerable funding in this environment and even gain a new investor for it is a positive sign for the market for the time being: Apparently, investors do not yet have any fundamental doubts about the potential of BNPL business models, – although the German BNPL startups (Mondu as well as competitor Billie) are also significantly younger than Klarna.
Berlin-based buy-now-pay-later fintech company Mondu has received $43 million (€40 million) in another round of funding – securing the second-largest fintech funding this year (the largest, at $80.7 million (€75 million), was credit card startup Moss in January).
As initially reported by “Deutsche-Startups” in April and as the company now confirms, Valar Ventures, the vehicle of star investor Peter Thiel, is leading the round as a new investor (by the way, Valar was already a lead investor in Moss). Existing investors Cherry Ventures, FinTech Collective, and a number of business angels are also providing fresh capital. In total, Mondu has thus raised $57 million since its founding in August 2021.
The funding comes at a critical time – for the BNPL sector and the Berlin fintech scene as a whole: At the Swedish BNPL giant Klarna, reports of a possible devaluation by investors (“downround”) first caused a stir in recent days; then the company also announced that it would part with 10% of its approximately 7,000 employees worldwide. The Berlin location is also affected by the wave of layoffs. Berlin-based neobanks Kontist and Nuri had also announced staff cuts last week.
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A positive sign for the German fintech sector
The fact that Mondu is able to close a quite considerable funding in this environment and even gain a new investor for it is a positive sign for the market for the time being: Apparently, investors do not yet have any fundamental doubts about the potential of BNPL business models – although the German BNPL startups (Mondu as well as competitor Billie) are also significantly younger than Klarna and do not yet come close to the Swedes in terms of size. Moreover, Mondu, founded by Philipp Povel, Malte Huffmann, and Gil Danziger, specializes in B2B commerce – unlike Klarna.
With the fresh capital (which, according to the list of individual investors, apparently also comes from Klarna executives, among others), the company says it primarily wants to drive forward its internationalization in Europe, with plans to enter the Austrian market first.
(Featured image by CafeCredit.com CC BY 2.0 via Flickr)
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First published in finanz-szene.de, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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