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Germany’s Mondu is to offer buy now, pay later services to online B2B merchants and marketplaces through a Banking-as-a-Service collaboration with Raisin Bank.
Mondu’s BNPL product currently allows for felible payment terms via direct integration into the checkout process of online merchants. If a business customer decides to use one of the payment methods offered, Mondu coordinates the processing of the payments as well as associated services.
As a fronting bank, Raisin Bank ensures the regulatory requirements for factoring and also provides payment and account services.
The offering by Mondu and Raisin Bank will add a new option for instalment payments in the future, in addition to setting deferred payment dates via the merchant checkout. Expansion into other countries of the European Union is planned in the near future.
“The partnership with Mondu strengthens our position as a Banking-as-a-Service provider for fintechs and other financial service providers,” says Andreas Wolf, chief commercial officer at Raisin Bank. “Mondu’s business model has great potential, and we are happy to help realize it with our services. Processes around factoring and BNPL are an essential part of Raisin Bank’s service portfolio, both in the B2C and B2B sectors.”
Founded late last year, and securing a hefty $14M seed round, Mondu most recently announced the appointment of former Klarna employee, Miyu Lee, as chief legal officer and general counsel, joining a team that has grown to over 60 people.
Financial Services
