Hokodo & BNP Paribas join forces to launch a Buy Now, Pay Later solution for large B2B commerce businesses
Paris, 15 March, 2023 – Today, market-leading fintech Hokodo joins forces with French international banking group BNP Paribas to deliver a best-in-class and frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large multinational corporates to provide payment alternatives to their business customers.
Together, BNP Paribas and Hokodo will offer the most complete B2B payments solution available on the market. As a rapidly scaling fintech, Hokodo brings agility and an innovative technology platform to the partnership, which is complemented by BNP Paribas’ broad expertise, financial strength, and unrivalled reputation.
With the booming rise of B2B digital sales, B2B sellers are in need of a streamlined order-to-cash experience. They want to be paid on time without having to worry about credit or fraud risk, while offering their buyers a frictionless purchasing experience and advantageous credit terms through any channel. This is proven to positively impact sales, by encouraging repeat business and increasing the average basket.
Our B2B Buy Now, Pay Later solution offers a fully digital experience and can be easily integrated into existing checkout systems via API. It provides instant buyer approval through a real-time credit decision process and a wide acceptance rate thanks to our highly configurable underwriting models, adaptable to the activity and client typology of the B2B seller. 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.
“Historically, B2B e-commerce has been critically underserved, but with our combined strengths, BNP Paribas and Hokodo are going to offer BNPL options to more business buyers than ever,” said Louis Carbonnier, co-founder and co-CEO of Hokodo.
“After decades of successful development of our European factoring franchise, we are thrilled to announce a new generation solution for our customers wishing to increase their B2B digital sales. Together with Hokodo, BNP Paribas brings the best of its cash management and factoring expertise to offer this state-of-the-art Buy Now, Pay Later solution”, said Lionel Joubaud, Global Head of the Factoring filière.
Based in London and Paris, Hokodo is a European market leader in the emerging B2B BNPL space. It was founded in 2018 by co-CEOs Richard Thornton and Louis Carbonnier and CTO Sami Ben Hatit as a BNPL platform operating in the B2B space. Hokodo launched its B2B BNPL solution in the UK in 2019, and now works with over 20 merchants and 15.000 buyers across the UK, France, Spain, Germany, Belgium and The Netherlands.
Hokodo’s mission is to power the B2B economy, making it fair and accessible for buyers and sellers alike. Hokodo believe B2B commerce has been held back by inadequate payment methods for too long. That's why they are changing the way B2B payments are designed and delivered, by enabling merchants to offer credit terms to businesses of all sizes, in real time. Hokodo offer a seamless Buy-Now-Pay-Later solution, in a way that's simple, safe and supported; driven by rich data and backed by Lloyd's of London to insure payment and ensure peace of mind.
In order to drive their European expansion, Hokodo has recently secured over 37.8 million euros ($39.7 million) in a Series B funding round led by Notion Capital, with additional investment from Korelya Capital, Mundi Ventures, Opera Tech Ventures, Anthemis and Mosaic Ventures.
About BNP Paribas
BNP Paribas is a leading bank in Europe with an international reach. It operates in 68 countries and has more than 193,000 employees, including nearly 148,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, and in Eastern Europe. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.
For further information on BNP Paribas Cash Management: https://cashmanagement.bnpparibas.com/
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