BNPL for business operator Hokodo has successfully 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 allow Hokodo to launch a new in-store solution for offline and omnichannel merchants across Europe, beginning with French professional supplies merchant RÉTIF, and additional customer announcements are expected in the coming weeks.
Richard Thornton, co-founder and president of Hokodo, states, “Despite the significant shift to e-commerce in B2B, many industries are still reliant on personal relationships and traditional sales processes. However, offline transactions can benefit from digital trade credit just as much as those conducted on e-commerce platforms.”
In March 2023, Hokodo secured a deal with BNP Paribas to integrate the BNPL app into its factoring operations for multinational merchants. Vincent Baillin, co-head at BNP’s Opera Tech Ventures, remarked, “By co-leading this round, we demonstrate our belief in Hokodo’s potential to revolutionize the B2B payments space with digital trade credit. We are excited about the opportunity to deepen our partnership through this strategic investment.”
The app seamlessly integrates with existing checkout systems and offers instant buyer approval through a real-time credit decision process. The full service encompasses proprietary credit decisioning, transaction financing, credit and fraud insurance, as well as collections through an eMandate and dunning, with various financing options tailored to meet merchants’ needs.
Thornton adds, “As we onboard an increasing number of larger B2B merchants and marketplaces from across Europe, we’re grateful for the support of partners and investors who recognize the problem Hokodo addresses and believe in our capability to solve it. Our ultimate goal is to provide all B2B businesses with a payment solution that is safer, simpler, and better supported. This equity raise brings us closer to realizing that vision.”