BNPL for business operator Hokodo has raised €10 million in an equity funding round co-led by Korelya Capital and Opera Tech Ventures – the corporate venture fund of BNP Paribas.
The new funding will support Hokodo as it rolls out a new in-store solution to offline and omnichannel merchants across Europe, starting with French professional supplies merchant RÉTIF and with more customer announcements scheduled for the coming weeks.
Richard Thornton, co-founder and president of Hokodo, says: “Despite a significant shift to e-commerce in B2B, the reality is that many industries are still driven by personal relationships and traditional sales processes. But transactions that take place offline can benefit from digital trade credit just as much as those on e-commerce sites and online platforms.”
Hokdo secured a deal with BNP Paribas in March 2023 to incorporate the BNPL app into its factoring operations for multinational merchants.
“By co-leading this round we are showing just how much we believe in Hokodo’s potential to revolutionise the B2B payments space with digital trade credit,” states Vincent Baillin, co-head at BNP’s Opera Tech Ventures. “We are really excited about the opportunity to deepen the partnership between our two businesses with this strategic investment.”
The app is integrated with existing checkout systems and provides instant buyer approval through a real-time credit decision process.
The full service includes proprietary credit decisioning, transaction financing, credit and fraud insurance, collections through an eMandate and dunning, as well as different financing options available to better fit merchants’ needs.
“As we onboard an ever-growing list of larger and larger B2B merchants and marketplaces from all over Europe, we are really happy to have the support of partners and investors that have a full understanding of the problem Hokodo solves and conviction in the fact that we are the right people to solve it,” explains Thornton. “Our ultimate goal is to provide all B2B businesses with a way to pay that is safer, simpler and better supported. This equity raise takes us one step closer to making that a reality.”
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