Hokodo, a London and Paris-based B2B Purchase Now Pay Later supplier, has raised $ 12.5 million (roughly £ eight.eight million) in funding within the Collection A spherical.
Who backed Hokodo?
Mosaic Ventures led the spherical with participation from Notion Capital, Anthemis and several other outstanding angel traders, together with TransferWise founder Taavet Hinrikus (now Sensible), Thijn Lamers, former Adyen Govt Vice President of World Gross sales, Max Bittner, Vestiaire CEO Collective, and founding father of Lazada and Wealthy Laxer, former president and CEO of GE Capital.
How will the funding be used?
The proceeds will likely be used to additional develop its proprietary digital credit score expertise and lengthen its providers throughout Europe, supporting the expansion of the $ 12 trillion (roughly £ eight.5 trillion) B2B commerce house.
Credit score phrases are an important lever to extend gross sales, particularly because the economic system unlocks after COVID. However the present processes for providing enterprise credit score are usually not match for function, particularly for on-line gross sales. With Hokodo, retailers can immediately supply fee phrases on the checkout, even on a buyer’s first go to; and our retailers are assured to receives a commission it doesn’t matter what occurs, ”says Richard Thornton, Co-Founder and Co-CEO.
Actual-time enterprise credit score options
Based by Richard Thornton, Louis Carbonnier, and Sami Ben Hatit in 2018, Klarna’s rival Hokodo presents B2B retailers real-time enterprise credit score options.
“Hokodo’s Purchase Now Pay Later answer helps your complete provide chain by eliminating the trouble related to fee phrases. Everybody wins: Enterprise prospects can purchase now and pay later, whereas retailers get extra enterprise and streamline their money order cycle. Retailers utilizing Hokodo see a median 40% enhance in income and obtain unprecedented ranges of buyer satisfaction, ”says Louis Carbonnier, Co-Founder and Co-CEO of Hokodo.
By the platform, retailers can supply on the spot fee phrases to their prospects via a frictionless checkout expertise just like B2C “Purchase now, pay later”.
The answer could be simply built-in through API into current e-commerce platforms and markets.
The corporate additionally automates your complete order-to-cash cycle, from credit score checks to collections to working capital financing, whereas defending retailers towards defaults.
Hokodo employs round 30 folks situated in London and Paris. Hokodo says it’ll double its workforce by the tip of 2021 and develop one other 100% in 2022, with key roles in merchandise, expertise, knowledge science and enterprise.
“The B2B buying expertise has lengthy lagged behind its B2C counterpart, and enterprise prospects are asking for extra. Hokodo is constructing a next-generation platform for digital commerce, providing real-time credit score to make it simpler for companies to purchase items and simpler for retailers to transform gross sales and develop. We now have seen the large influence of ‘purchase now, pay later’ expertise within the shopper market and by fixing the complexity of commerce financing in actual time, Hokodo is now taking it to B2B, “says Toby Coppel, Co-Founder and Companion of Mosaic Ventures.
Patrick Norris, Normal Companion at Notion Capital, explains: “I just like the founders’ mixture of abilities and expertise in credit score and threat insurance coverage, in addition to their considerate method to the extraordinarily complicated activity of enabling real-time credit score for commerce. digital B2B. They’re additionally a really united workforce with a unbelievable tradition ”.