A 鈥榖uy now pay later鈥櫶�startup听for B2B payments has raised 拢9 million in Series A funding.
Hokodo, based in London听with an office in France, has signed up听more than听20 merchants听to its solution, with听10,000+ buyers transacting on the platform.听
Following the funding round听–听led by Mosaic Ventures, with participation from Notion Capital, prominent Angels and听seed investors Anthemis –听it plans to expand听around听France, Germany, Spain, Belgium听and听the Netherlands.听
It says that trade credit, which suppliers advance to their business customers, is critical to supply chains, and听never more so than now as we start to emerge from the COVID-19听crisis.听听
However听the tools and processes for offering trade credit have barely changed in a听centuries听and,听as B2B trade moves online,听the current approach is no longer fit for purpose.听听
Hokodo听says听a world in which听buyers听must听download and fill out an application form to apply for a trade account听then听wait two days for a credit review听are numbered.听
Hokodo听says听its听‘Trade Credit as a Service鈥櫶齪latform听enables B2B merchants to instantly offer credit terms at checkout, even on a customer鈥檚 first purchase.听
Merchants using听Hokodo听see an average 40% increase in revenue and increased customer satisfaction, while听protecting听them against the risks of non-payment.听
鈥淭he B2B purchasing experience has long lagged behind its B2C counterpart, and trade customers are calling for more,鈥� said听Toby Coppel, co-founder and Partner at Mosaic Ventures.听
鈥淗okodo听is building a next generation platform for digital commerce, offering real-time credit to make it easier for businesses to purchase goods and easier for merchants to convert sales and grow.听
鈥淲e have seen the enormous impact of “buy now, pay later” technology in the consumer market and, by solving the complexity of real-time trade finance,听Hokodo听is now bringing it to B2B.鈥�