Hokodo raises over €10 million to scale across Europe
Hokodo, a B2B buy-now-pay-later provider, has raised 12.5 million dollars (10.28 million euros) in a Series A round. The London-based fintech startup will use this money to extend its services across Europe.
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The funding round is led by Mosaic Ventures, with participation from Notion Capital and angel investors including Taavet Hinrikus (founder TransferWise), Thijn Lamers (former EVP, Global Sales of Adyen), Max Bittner (CEO Vestiaire Collective and founder Lazada) and Rich Laxer (ex-CEO GE Capital).
‘The Klarna of B2B’
The London-based startup announced it will use the new funds to further invest in its technology and scale the payments solution across Europe. Since its foundation in 2018, Hokodo offers merchants the possibility to offer instant payment terms to their customers. They are sometimes described as the Klarna of B2B, referring to the buy-now-pay-later solution Klarna provides to its private customers.
Hokodo offers merchants the possibility to offer instant payment terms to their customers.
The payment solution integrates via APIs into existing ecommerce software platforms and online marketplaces. Hokodo has automated everything, from credit checks to collections and working capital finance.
Payments terms can be offered even on a customer’s first visit
“Credit terms are a crucial lever to grow sales, especially as the economy unlocks following Covid-19. But current processes for offering trade credit are not fit for purpose – especially for online sales”, co-founder and co-CEO Richard Thornton comments. “With Hokodo, merchants can offer payment terms instantly at the check-out, even on a customer’s first visit; and our merchants are guaranteed to get paid no matter what.”
Our merchants get paid no matter what.
Hokodo has a team of over 30 people, located in offices in London and Paris, but will double its team by the end of this year, and grow by another 100 percent next year.