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Berlin-based Mondu, a B2B funds firm, introduced on Wednesday that it has secured an Digital Cash Establishment (EMI) License from De Nederlandsche Financial institution (DNB) within the Netherlands.
The license will speed up the German firm’s enlargement throughout Europe whereas enabling the corporate to help extra clients and launch complementary fee companies like eWallets and Credit score Playing cards.
The Dutch Mondu entity was integrated in June 2022 and is headquartered in Amsterdam. The Administration Board of Mondu BV consists of Eric Weijman, Chief Danger Officer of Mondu Group, and Stefano Arcari, Industrial Director.
Whereas initially liable for serving B2B retailers and marketplaces situated within the Netherlands, Mondu BV will now provide regulated fee companies each within the Netherlands and on a cross-border foundation into all Mondu markets (excl. the UK).
Philipp Povel, Co-CEO and Co-Founding father of Mondu, says, “Mondu is the primary B2B Purchase Now, Pay Later firm in Europe to be granted its personal EMI License. It is a key second for our firm and demonstrates the maturity and class of our platform and the processes and capabilities now we have established over the previous two and a half years.”
Povel continues, “It brings us a major step nearer to attaining our long-term mission of constructing the main B2B fee platform for European companies. It is a great achievement for your entire Mondu workforce. Now, our eyes are firmly set on European enlargement and launching further fee merchandise.”
The announcement comes seven months after elevating an extra €30M in debt financing from German financial institution Vereinigte Volksbank Raiffeisenbank (VVRB).
Presently, the German firm works with retailers, wholesalers, and B2B marketplaces, equivalent to BTN De Haas BV, Profipack and Orderchamp within the Netherlands, Notebooksbilliger, WirMachenDruck, Autodoc, and GGM Gastro in Germany, and PCSpecialist and Kingspan within the UK.
Miyu Lee, Chief Authorized & Compliance Officer of Mondu and Supervisory Board Member of Mondu BV, says, “Being granted this license by the extremely revered regulator DNB is a superb milestone for us. With the power to passport our EMI license throughout Europe, it’s going to assist us speed up our geographical enlargement. The license additionally permits us to function inside our personal regulatory framework, which is extremely safe and totally compliant with all relevant laws. It helps to additional develop our product providing, as we are able to launch a spread of complementary, value-adding options for retailers and enterprise consumers.”
Mondu: Simplifying B2B fee
Based in 2021 by Malte Hoffmann, Philipp Povel, and Gil Danziger, Mondu is on a mission to simplify B2B fee transactions.
The corporate now has workplaces in three markets- the Netherlands, Germany, and the UK.
The German firm has raised €115M in fairness and debt financing from main buyers Valar Ventures, Cherry Ventures, the FinTech Collective, and Vereinigte Volksbank Raiffeisenbank (VVRB).
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