Berlin-headquartered business-to-business (B2B) payment firm Mondu has signed a payment solution partnership with Frankfurt-based Banking-as-a-Service (BaaS) provider Raisin Bank.
The partnership will enable Mondu to extend Buy-Now-Pay-Later (BNPL) solutions for online B2B merchants and marketplaces, enabling their customers to pay on flexible terms.
When a business customer opts for one of Mondu’s payment methods, Mondu will coordinate the processing of the payments as well as associated services with its full-service solution.
Raisin Bank will provide payment and account services while also ensuring compliance with all regulatory and supervisory framework conditions.
Mondu co-founder Philipp Povel said: “Thanks to Raisin Bank, we have a competent and strong partner with many years of experience by our side.
“With the bank’s digital services behind us, we are revolutionising the market for B2B payments and offering small- and medium-sized enterprises the financial flexibility they so urgently need right now.”
The companies claim that their jointly implemented BNPL business has already garnered a positive response from German merchants.
They plan to launch instalment payment options for the offering in the future and expand the offering into other European Union countries soon.
Raisin Bank chief commercial officer Andreas Wolf said: “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 realise 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.”