London’s B2B BNPL provider Hokodo raises $12.5 million in Series A round
London-based B2B Buy Now Pay Later provider Hokodo has raised $12.5 million in a Series A round led by Mosaic Ventures. Hokodo is reporting that the new funding will be used to further develop its digital credit technology as well as expand across Europe. Founded in 2018 by Richard Thornton, Louis Carbonnier, and Sami Ben Hatit, Hokodo brings the BNPL mechanism found in the B2C market to the B2B market. Otherwise known as trade credit, in the B2B market it’s a tedious, time-consuming, and often unobtainable process for most SMEs, one that’s remained mostly unchanged for the past 200 years. “Credit terms are crucial to win business and meet customers’ expectations, especially during these trying times, yet the current processes for offering B2B trade credit are severely outdated and not fit for online trade,” comments co-CEO Thornton.