We're thrilled to announce that Hokodo has raised $12.5 million in Series A to support our mission of revolutionising B2B payments! 🚀
Trade credit, which suppliers advance to their business customers, is critical to supply chains - never more so than now as we start to emerge from the COVID crisis. But the tools and processes for offering trade credit have barely changed in a centuries. As B2B trade moves online it’s increasingly clear the current approach is no longer fit for purpose.
Why should buyers have to download and fill out an application form to apply for a trade account? Why should buyers have to wait two days for a credit review? Why should buyers have to place their orders by phone to get trade credit when all they want is to complete their purchase online right now?
Many merchants tell us that they have no good way to offer real-time credit decisions on their website, (nor on any other channels). And while we continue to see innovation in the B2C world, with the likes of Klarna, Afterpay and Affirm, B2B trade credit solutions have trailed far behind.
Until now.
At Hokodo, our mission is simple - we’re bringing B2B trade into the 21st century.
How? We help B2B merchants sell more by offering better payment terms to their business customers. Our Buy Now, Pay Later solution removes all the hassle and risk associated with offering payment terms online, and enables B2B merchants to instantly offer credit terms at checkout, even on a customer’s first purchase.
Merchants using Hokodo see an average 40% increase in revenue and increased customer satisfaction. As well as helping merchants sell more and offer better trade credit, we also protect them against the risks of non-payment, so they are always sure to get paid no matter what. All our solutions are easy to integrate into existing eCommerce platforms and marketplaces.
What's more, it’s not just the merchants who benefit. Customers get a frictionless consumer-style “Buy Now Pay Later” (BNPL) checkout experience and are often able to access better payment terms than the merchant could otherwise offer.
Thanks to our Series A fundraise - led by Mosaic Ventures, with participation from Notion Capital, prominent Angels and our seed investors Anthemis - we’ll be able to scale our team and extend our platform to support more merchants in more countries, and provide easy access to online credit terms to the millions of cash flow-constrained businesses.
But don’t just take our word for it. Find out why Mosaic Ventures and Notion Capital have invested in Hokodo in this video here 👇
Can’t watch the video now?
Here is what the investors had to say…..
“The B2B purchasing experience has long lagged behind its B2C counterpart, and trade customers are calling for more. Hokodo is building a next generation platform for digital commerce, offering real-time credit to make it easier for businesses to purchase goods and easier for merchants to convert sales and grow. We have seen the enormous impact of "buy now, pay later" technology in the consumer market and, by solving the complexity of real-time trade finance, Hokodo is now bringing it to B2B” Toby Coppel, Co-founder and Partner at Mosaic Ventures.
“With more and more B2B commerce being done online, Hokodo provides a truly real-time credit solution at checkout which is very simple to integrate and drives up conversion rates for merchants. I like the founders’ combination of skills and experience across credit insurance and risk, plus their thoughtful and thorough approach to the extremely complex task of enabling real-time credit for B2B eCommerce. They are also a very close team with a fantastic culture”. Patrick Norris, General Partner at Notion Capital
What’s next?
With over 20 merchants making use of our Buy Now Pay Later solution, and 10,000+ buyers transacting on the platform, we’ve got our sights set on the rest of Europe. By the end of 2021, we’ll be operating in the UK, France, Germany, Spain, Belgium, the Netherlands. And beyond.
We’ll be hiring across all departments, so if our vision sounds exciting, keep an eye out - join us!
As we dive into this exciting new chapter, we want to thank our merchants and their customers for their support and feedback. We’re also grateful to our investors for backing our vision of a frictionless B2B payment experience . And finally, we thank our amazing team for their dedication and passion - we couldn’t have done any of this without your support, so thank you!
We’re excited about continuing to build a company that’s creating a better way of doing business, and we can’t wait for what's next!
Louis, Richard and Sami
To find out how Hokodo can help you increase your B2B sales and offer payment terms to your customers online in real-time, get in touch.
