Tech

Hokodo Services Secures £ 32.65m Investment in Series B Led by Notion Capital – UK Technology Investment News

  • Over the past two years, Hokodo has emerged as the pan-European leader in B2B Buy Now, Pay Later (BNPL)
  • Globally, B2B transactions made on credit terms are worth $ 30 trillion, but the processes are outdated and offline
  • European B2B software investor Notion Capital leads the round
  • The funding is intended to fuel Hokodo’s European expansion and the development of new B2B BNPL products

June 23, 2022: European fintech, Hokodoannounced a successful Series B funding round, securing $ 40 million in shares less than a year after the Series A fundraiser. The funding, which stems from a significant increase in debt earlier this year, it will fuel the expansion of the digital trade credit provider into new European markets and the development of new products.

Driven by Capital conceptwho participated in Hokodo’s Series A, further investments came from continental European investors Capital of Korea (FR), Mundi Ventures (ES), and Technological operatic adventures (FR), reflecting the enthusiasm for the Hokodo product in a variety of markets. Additional funding came from existing investors including Anthemis and Mosaic Ventures.

“We have been following Hokodo from the start and have made an initial investment as part of their Series A. We are delighted to lead their Series B and double our support for Hokodo,” said Patrick Norris, General Partner of Notion Capital. “There is a lot of excitement around B2B BNPL at the moment, and rightly so because the B2B e-commerce market is twice as large as B2C. We concluded that the gap in skill and maturity between Hokodo and its competitors is huge. Not only are they the only supplier to offer pan-European coverage, they are also the only ones to own the end-to-end value chain. As a result, Hokodo is the only company that can offer a cutting-edge shopping experience across the continent. “

Enabling of online commerce through proprietary technology

“We are the only BNPL provider that meets all the requirements of B2B merchants, including credit scoring, fraud detection, payments, collections, financing and credit insurance,” said Richard Thornton, co-founder and co-CEO of Hokodo. . “We don’t rely on third parties to make credit decisions as we can do it much faster internally. This means we can accept more buyers at a faster rate, which our business partners love. “

Hokodo’s solutions are underwritten by SCOR Syndicate 2015, SCOR SE’s corporate syndicate at Lloyd’s of London, allowing fintech to guarantee its merchants 100% of their payments, even when the buyer is unable to to pay.

International expansion and vertical initiatives

With the entry of new retailers in France (Paris Fashion Shops) and Spain (Katoo), after launching in Belgium and the Netherlands (Ankorstore) earlier this year, part of the new funding will see the brand double in size. efforts to become the B2B BNPL category leader in continental Europe, replicating its reputation and success to date in the first markets.

The funding will also be used to develop new BNPL solutions for telesales and in-store purchases and to see Hokodo venture into new vertical markets currently under-served by payment companies.

Setting the new standard for B2B payments

Louis Carbonnier, co-founder and co-CEO of Hokodo, said: “The B2B shopping experience has long lagged behind its B2C counterpart and corporate customers are demanding higher quality services as online sales continue to gain ground in the B2B. Hokodo offers merchants a truly real-time credit solution at checkout, increasing conversion rates and enabling all parties to buy, sell and do more. Hokodo is currently the only pan-European Buy Now supplier, Pay Later in B2B and this financing will allow us to continue our international expansion to enable 1 million companies to access a better way to pay by 2025 “.

About Hokodo

Fast growing fintech, Hokodo provides Buy Now, Pay Later solutions to the B2B market, enabling corporate clients to benefit from instant, hassle-free and interest-free payment terms. An industry leader in the UK, Hokodo is currently expanding into mainland Europe and is working on creating new products designed to serve the B2B market.

Hokodo’s solutions are underwritten by SCOR Syndicate 2015, SCOR SE’s corporate syndicate at Lloyd’s of London. With investors across Europe, Hokodo is fast becoming a leader in the B2B BNPL category.

Digiqole announcement

Hokodo Services Secures £ 32.65m Investment in Series B Led by Notion Capital – UK Technology Investment News

Source link Hokodo Services Secures £ 32.65m Investment in Series B Led by Notion Capital – UK Technology Investment News

Back to top button