Mondu lands new EMI licence to fuel European expansion
Mondu Financial Services BV (Mondu BV), the Dutch entity of German B2B paytech Mondu incorporated in 2022, has been granted an Electronic Money Institution (EMI) licence from De Nederlandsche Bank (DNB) in the Netherlands.
Mondu lands EMI licence
The firm says that the new licence can be passported across the EU to help expedite its expansion and will facilitate the introduction of “complementary payment services” like credit cards and e-wallets.
The fintech currently operates solutions including buy now, pay later (BNPL) and digital trade accounts across six countries in Europe.
Mondu BV, which has been initially focused on B2B merchants and marketplaces in the Netherlands, will now offer regulated payment services both in the Netherlands and on a cross-border basis into the company’s current markets of Germany, Austria, Belgium, Switzerland, and France, excluding only the UK.
The new licence comes shortly after the company secured €30 million in debt financing from German bank Vereinigte Volksbank Raiffeisenbank in January aimed at supporting its European growth.
Philipp Povel, co-CEO and co-founder of Mondu, states that the company is the “first B2B buy now, pay later company in Europe to be granted its own EMI licence”.
“Now, our eyes are firmly set on European expansion and launching additional payment products,” he adds.
