Mondu Now Holds an e-Money License and Becomes More Independent

The Berlin-based fintech company Mondu has received an e-money license from the Dutch central bank (DNB). This means that the Berlin-based start-up can now handle significant parts of the payment transactions itself.

Until now, Mondu had to rely on partner companies for this. In Germany, for example, the fintech company worked with Raisin Bank. This will continue to be the case in the future, although no longer in the classic BNPL business, as founder Philipp Povel said.

Mondu offers online purchase on account (buy now, pay later, BNPL) specifically for corporate customers. “Thanks to the license, we can now save costs and become more independent,” said Povel.

Mondu currently operates in the Netherlands, Austria, Great Britain, Belgium, Switzerland, France and Germany. According to Povel, however, expansion into five more countries is planned for the third quarter of this year.

The fintech company is also aiming for a new credit line in the next twelve months to raise fresh equity capital. Most recently, Mondu received a total loan of 50 million euros from Vereinigte Volksbank Raiffeisenbank in Reinheim near Darmstadt in January of this year

In January of this year, Comrades increased support for payment specialist Mondu to 50 million euros

The fintech company, founded at the end of 2021, is receiving a loan of 30 million euros from the Vereinigte Volksbank Raiffeisenbank (VVRB/ Volksbank Odenwald/ Raiffeisen-Volksbank Miltenberg).

The Comrades are thus increasing their support for the Berliners to a total of 50 million euros. The first 20 million were transferred in October 2022.

Since its founding in October 2021, Mondu says it has received a total of more than $120 million (equivalent to €110 million) in equity and debt capital from various investors.

Expansion in Europe

Philipp Povel, co-founder and co-CEO of Mondu, explained: “This financing will further fuel our European expansion and enable us to scale up expansion across the entire European market. […] This step further strengthens our commitment to innovation and value creation in the B2B BNPL ecosystem. We are grateful for the continued trust and support of VVRB and look forward to deepening our partnership.”

Ralf Magerkurth, CEO of VVRB, added: “Building on the success of our collaboration in Germany and Austria, we remain firmly convinced of Mondu’s business model and its growth potential. Our commitment will go beyond Germany and Austria in the future, as we will now support expansion into other European countries. This step is a sign of our confidence in Mondu’s vision and capabilities. We are proud to support Mondu on its journey to reshape the industry across Europe.”

Mondu opened offices in Amsterdam and London in 2023 and successfully registered with the UK Financial Conduct Authority. Mondu now makes its payment options available to more than 25 UK merchants. In addition to the UK, Mondu is also available to merchants in Germany, Austria and the Netherlands, as well as buyers in Belgium and France.

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(Featured image by iMin Technology via Pexels)

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