Hokodo raises $40m for B2B BNPL platform
Summary
Additional funding was sourced from existing investors including Anthemis and Mosaic Ventures.Frictionless payments for B2BBusinesses want the option to buy and sell on payment terms as theyve always done but offering trade credit online is both complicated and risky.Since launching our Buy Now, Pay Later solution in 2019, weve spearheaded a movement that has modernised the way businesses trust and trade with each other and quickly become a category leader in Europe.Louis Carbonnier, co-founder and co-CEO at Hokodo, said: The B2B purchasing experience has long lagged behind its B2C counterpart, and business customers are calling for higher quality services as online sales continue to gain ground in B2B. This new funding will help us to complete our mission of enabling 1 million businesses to access better payment terms by 2025.Enabling online trade through proprietary tech Separating us from incumbent and emerging providers is an end-to-end value chain that was built and continues to operate entirely in-house.Were the only BNPL provider that meets all requirements of B2B merchants, including credit scoring, fraud detection, payments, collections, financing and credit insurance, said Richard Thornton, co-founder and co-CEO at Hokodo. We believe Hokodos unparalleled experience in credit risk, their investment in proprietary data and their unique insurer relationships provide clients with a sustainable and scalable solution to manage payment terms when selling online, adds Franco Danesi, Partner at Korelya Capital.International expansion & vertical venturesWe are already live and operational in 6 European markets, with new merchants recently onboarded in France (Paris Fashion Shops) and Spain (Katoo), following launches in Belgium and the Netherlands (Ankorstore) earlier this year. Well also be using some of the investment to venture into new verticals that are currently underserved by payments companies.Be a part of our journeyAll this means the Hokodo team will continue to expand, following growth of 200% over the past year. If youd like to join one of Europes most exciting startups and make a genuine impact on the world of B2B e-commerce, take a look at our live vacancies today.As we prepare for Hokodos next chapter, wed like to extend thanks to all our clients and their customers who have trusted us to help them find a better way to buy and sell to one another.