Germany’s Mondu is expected to offer buy now, pay later (BNPL) services to the online B2B merchants and marketplaces via a Banking-as-a-Service (BaaS) collaboration with Raisin Bank.
Mondu’s BNPL product now supports flexible payment terms through direct integration into the checkout process of online merchants. In case a business customer wants to use one of the payment methods offered, Mondu coordinates the processing of the payments and associated services.
Being a fronting bank, Raisin Bank guarantees the regulatory needs for factoring and also offers payment and account services. The new offering by Mondu and Raisin Bank will add a new option for the installment payments in the future, together with setting deferred payment dates through the merchant checkout.
Expansion into other nations of the European Union is planned soon. The chief commercial officer at Raisin Bank, Andreas Wolf, stated:
“The partnership with Mondu strengthens our position as a Banking-as-a-Service provider for fintechs and other financial service providers. 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.”
Launched in late 2021, and securing a massive $14 million seed round, Mondu most recently confirmed the appointment of Miyu Lee, a former Klarna employee, as chief legal officer and general counsel, joining a team that has grown to more than 60 people.