Philipp Povel

Oct 14, 2022

It is the first loan to Mondu, granted to a Luxembourg-based SPV and collateralised. Philipp Povel, Co-Founder Co-CEO of Mondu, says, “This is another strategic milestone for Mondu. To have VVRB, a member of the distinguished Group of German Cooperative Banks, provide this loan gives our high business credibility. It’s proof that our payment solutions are appealing to outside creditors. The financing will further support our European expansion and allow us to develop further payment solutions that benefit business customers.” Mondu plans to open a new office in the Netherlands, hire local personnel, and invest in local marketing activities as part of its expansion. The company says that expansion to the Dutch market is a logical next step in Mondu’s ongoing growth streak. B2B payment transactions Mondu was founded in Berlin in 2021 by entrepreneurs Malte Huffmann, Philipp Povel, and Gil Danziger to simplify B2B payment transactions. The German platform launched a Buy Now, Pay Later for B2B solution for merchants and marketplaces. In addition, the company’s BNPL and Installments solutions offer business buyers their favorite offline payment methods in B2B and flexible payment terms in an online B2B checkout. The company’s solutions are already available to business customers in Germany and Austria and will now be available in the Netherlands, enabling cross-border commerce between these countries. Philipp Povel adds, “The Netherlands has a modern trade market, with 48 percent of B2B orders placed online. This year, B2B e-commerce revenue from physical goods alone will hit approximately $38 billion. By 2025, revenues are expected to grow to $54.5 billion. With Mondu’s BNPL solutions, B2B businesses in the Netherlands will increase conversion rates and loyalty by allowing buyers to experience a fast and frictionless B2C-like payment experience with flexible terms. As a result, local B2B Businesses will have better cash flow management, minimize operational workload, and be able to effortlessly expand their operations by selling cross-border to buyers in Germany and Austria without risk.” Recently, Mondu announced the expansion of its C-Suite team with the appointment of Julian Kurz as Chief Commercial Officer and Lauren Hoehlein Joseph as Chief People Officer. Mondu now employs around 120 people. VVRB eG is a cooperative bank with over 65,000 members that offers all the banking services one expects from a bank. However, its focus is on the financing and securities business, which has been breaking new ground for years. Ralf Magerkurth, VVRB’s CEO, comments, “We see incredible potential in Mondu and its outstanding leadership team. We believe that BNPL for B2B can significantly impact SMEs and we were well convinced by the concept the management team presented to us. We are excited to support Monduˋ​​s growth.”