London – Hokodo, Europe’s leading provider of B2B BNPL and Digital Trade Credit solutions, has today announced a Series B extension from Citi, a global leader in financial services. This extension comes less than 10 months after Hokodo’s Series B announcement in June 2022. The latest cash injection will support Hokodo’s ambition to grow and enter new geographic regions. The B2B payments scaleup has already entered 6 of Europe’s largest markets including the UK, France, Spain, Germany, Belgium and the Netherlands, with imminent announcements of further expansion.
“We’ve recently launched a range of new functionalities enhancing buyer ability to pay on an immediate or deferred basis, plus the option for merchants to top up credit limits for their buyers,” explains Richard Thornton, co-founder and co-CEO at Hokodo. “With this new investment, we’re going to continue working with our customer feedback to develop the comprehensive payment solution that our merchant partners and their buyers need to grow and thrive.”
Ultimately, this funding means that a greater number of businesses across Europe will be able to access financing without impacting the working capital or operational capacity of sellers.
Chris Cox, Global Head of Trade and Working Capital Solutions at Citi Treasury and Trade Solutions said: “Citi is pleased to invest in Hokodo, and we look forward to deepening our relationship further. Digital marketplaces are increasingly important to our clients and their evolving business models, which require always-on and real-time digital trade and working capital solutions.”
Hokodo is a fintech scaleup bringing B2B commerce into the 21st century with Digital Trade Credit and B2B Buy Now, Pay Later solutions. Hokodo’s technology empowers B2B merchants to sell more by offering credit terms to their business customers instantly, even on their first purchase. In turn, customers benefit from additional payment terms, interest free, through a frictionless BNPL checkout experience. Hokodo’s solutions are backed by Lloyd’s of London via the Channel Syndicate, a unit of SCOR SE.
About Citi Treasury and Trade Solutions
Citi Treasury and Trade Solutions (TTS) enables our clients' success by providing an integrated suite of innovative and tailored cash management and trade finance services to multinational corporations, financial institutions and public sector organizations across the globe. Based on the foundation of the industry's largest proprietary network with banking licenses in over 90 countries and globally integrated technology platforms, TTS continues to lead the way in offering the industry a comprehensive range of digitally enabled treasury, trade and liquidity management solutions.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Hokodo: Ethan Cumming, firstname.lastname@example.org
Citi: Richard Bicknell, Richard.Bicknell@citi.com