Berlin-based Mondu has successfully obtained an Electronic Money Institution (EMI) License from De Nederlandsche Bank (DNB) in the Netherlands. This achievement marks a significant milestone for the B2B payments company, enabling it to expand its operations across Europe and introduce new payment services, including eWallets and credit cards. The license will facilitate the company’s growth and enhance its ability to support a broader customer base.
Earlier this year, Mondu made headlines with its additional €30M debt financing from Vereinigte Volksbank Raiffeisenbank (VVRB). This financial boost has positioned the company favorably for its current expansion efforts. Mondu’s competitive edge lies in its comprehensive platform and established processes, which have been recognized by the new EMI license. Historically, Mondu’s strategic moves and financial backing have been consistent with its goal of becoming a leading player in the European B2B payments market.
Expansion Across Europe
The new license will accelerate Mondu’s expansion throughout Europe, allowing the company to offer regulated payment services beyond the Netherlands. Mondu BV, based in Amsterdam, will now serve B2B merchants and marketplaces on a cross-border basis, excluding the UK. This development highlights Mondu’s operational readiness and commitment to scaling its business.
“Mondu is the first B2B Buy Now, Pay Later company in Europe to be granted its own EMI License. This is a key moment for our company and demonstrates the maturity and sophistication of our platform and the processes and capabilities we have established over the past two and a half years,” said Philipp Povel, Co-CEO and Co-Founder of Mondu.
Broadening Service Offerings
With the EMI license, Mondu plans to introduce complementary payment services, enhancing its product portfolio. The ability to passport the license across Europe will help the company accelerate its geographical footprint. The Dutch Mondu entity, incorporated in June 2022, will spearhead this expansion with a robust regulatory framework ensuring security and compliance.
“Being granted this license by the highly respected regulator DNB is a great milestone for us. It helps to further develop our product offering, as we can launch a range of complementary, value-adding solutions for merchants and business buyers,” stated Miyu Lee, Chief Legal & Compliance Officer of Mondu.
Mondu has already established partnerships with various retailers and B2B marketplaces across Europe, including BTN De Haas BV, Profipack, and Orderchamp in the Netherlands, and Notebooksbilliger and WirMachenDruck in Germany. These collaborations reflect Mondu’s capability to provide high-quality services to a diverse clientele, solidifying its presence in the market.
Mondu’s journey towards simplifying B2B payment transactions continues to be marked by strategic advancements and robust financial support. The EMI license not only validates Mondu’s existing framework but also positions the company for future growth. As Mondu explores new markets and enhances its service offerings, its commitment to innovation and customer-centric solutions will likely drive its success in the competitive B2B payments landscape.
