London-based BNPL platform Hokodo announced in a Thursday (June 23) press release that it has raised over 37.8 million euros ($39.7 million) in a Series B funding round.
The funding was led by Notion Capital, with additional investment from Korelya Capital, Mundi Ventures, Opera Tech Ventures, Anthemis and Mosaic Ventures.
The company’s Series A round raised $12.5 million in October 2021.
In 2018, London-based Hokodo was founded by co-CEOs Richard Thornton and Louis Carbonnier as a BNPL platform operating in the B2B space. The startup recently onboarded clients in France (Paris Fashion Shops) and Spain (Katoo), following launches in Belgium and the Netherlands (Ankorstore) earlier in the year.
“We’re the only BNPL provider that meets all requirements of B2B merchants, including credit scoring, fraud detection, payments, collections, financing and credit insurance,” Thorton said. “We don’t rely on any third party to make credit decisions as we can do it much quicker in-house. This means we can accept more buyers at a faster rate, which our merchant partners love.”
To this, Carbonnier added: “The B2B purchasing experience has long lagged behind its B2C counterpart, and business customers are calling for higher quality services as online sales continue to gain ground in B2B.
“[Hokodo] is currently the only pan-European Buy Now, Pay Later provider in B2B, and this funding will allow us to continue our international expansion to enable 1 million businesses to access a better way to pay by 2025.”
Hokodo’s announcement comes just a day after competitor in the B2B BNPL space Playter announced the close of its own $55 million funding round.
Read more: London-Based B2B BNPL Platform Playter Nets $55M in Funding
Playter helps smaller businesses manage their payment terms, allowing them to access BNPL services for things like software, agency fees, rent and marketing, spreading payments over six or 12 months.
