Hokodo Secures $40 Million Series B Funding to Revolutionise B2B Payments
June 23, 2022
Hokodo, a leading player in the world of B2B Buy Now, Pay Later (BNPL) services, has recently secured an impressive Series B fundraise of $40 million. This substantial investment is set to propel Hokodo towards its ambitious goal of enabling one million businesses to access improved payment options by 2025.
In a landscape where businesses are grappling with the economic fallout of the pandemic alongside escalating interest rates and looming recessions, access to trade credit has become paramount for survival. Recognising this need, Hokodo has garnered significant support from European investors to redefine the landscape of business transactions.
Notion Capital, a key participant in Hokodo's Series A round, has once again led the charge in the Series B funding. Patrick Norris, General Partner at Notion Capital, emphasized the significance of Hokodo's position in the market, citing their comprehensive coverage across Europe and ownership of the end-to-end value chain as key differentiators.
Joining Notion Capital in this investment are notable continental European investors such as Korelya Capital, Mundi Ventures, and Opera Tech Ventures, underscoring the widespread enthusiasm for Hokodo's innovative product offerings. Existing investors like Anthemis and Mosaic Ventures have also continued their support.
At the heart of Hokodo's mission is the drive to revolutionize B2B e-commerce by offering frictionless payment solutions. Through their BNPL offering launched in 2019, Hokodo has spearheaded a movement towards modernising business transactions, emerging as a leader in Europe's BNPL landscape.
Louis Carbonnier, co-founder and co-CEO at Hokodo, highlighted the persistent gap in quality between B2B and B2C purchasing experiences, underscoring the need for higher-quality services in the realm of online B2B sales. Hokodo's solution provides merchants with real-time credit options at checkout, enhancing conversion rates and facilitating smoother transactions.
What sets Hokodo apart is its proprietary technology stack, enabling seamless credit decisions and in-house management of the entire value chain. Richard Thornton, co-founder and co-CEO, emphasised Hokodo's ability to swiftly assess creditworthiness and preserve commercial relationships through internal collections processes.
With the additional funding, Hokodo aims to expand its footprint across Europe, building on its existing presence in six markets. The investment will also drive the development of new B2B BNPL products and solutions, catering to diverse needs within the business ecosystem.
Chris Cox, Global Head of Trade and Working Capital Solutions at Citi, expressed confidence in Hokodo's vision, highlighting the increasing importance of digital marketplaces and real-time trade solutions.
As Hokodo gears up for its next chapter, the company remains committed to its core values of innovation and customer-centricity. The recent funding injection not only fuels their expansion plans but also reinforces their position as a frontrunner in the realm of B2B BNPL services.
In a landscape where fintech has experienced both highs and lows, Hokodo's success story stands as a testament to resilience and adaptability. As the company ventures into new territories and continues to innovate, its journey promises to reshape the future of B2B commerce for businesses worldwide.
Written by: