Mondu BV has become the first B2B Buy Now Pay Later (BNPL) company in Europe to obtain its own Electronic Money Institution (EMI) License.
Mondu has obtained an EMI License from De Nederlandsche Bank (DNB) in the Netherlands. The B2B company aims to use this licence to boost its expansion efforts across Europe.
In addition to accelerating Mondu’s growth across the continent, the licence will also enable the company to better serve its customers, introducing additional payment services such as eWallets and credit cards.
Philipp Povel, Co-CEO and Co-Founder of Mondu, said, “This is a key moment for our company and demonstrates the maturity and sophistication of our platform and the processes and capabilities we have established over the past two and a half years.
“It brings us a significant step closer to achieving our long-term mission of building the leading B2B payment platform for European businesses. This is a tremendous achievement of the entire Mondu team. Now, our eyes are firmly set on European expansion and launching additional payment products.”
Mondu’s Dutch branch, established in June 2022 and based in Amsterdam, is led by Eric Weijman, Chief Risk Officer of Mondu Group, and Stefano Arcari, Commercial Director. Initially focused on serving B2B merchants and marketplaces in the Netherlands, Mondu BV will now expand its regulated payment services to cover both domestic and cross-border transactions across all Mondu markets, except the UK.
Miyu Lee, Chief Legal and Compliance Officer of Mondu and Supervisory Board Member of Mondu BV, commented: “Being granted this licence by the highly respected regulator DNB is a great milestone for us. With the ability to passport our EMI licence across Europe, it will help us accelerate our geographical expansion.
“The licence also allows us to operate within our own regulatory framework, which is highly secure and fully compliant with all applicable legislation. It helps to further develop our product offering, as we can launch a range of complementary, value-adding solutions for merchants and business buyers.”
Mondu has grown at an exponential rate and has partnered with several firms across Europe. Last December, the company announced a collaboration with Mangopay to offer marketplaces across Europe enhanced payment infrastructures.