Business-to-business payments company Mondu has secured a €100M (US$116.4M) debt facility from JPMorgan Chase’s (JPM) global payments division, it said on Wednesday.
The financing will be used to scale Mondu’s B2B payment solutions and support its expansion across Europe.
The company has also become part of the J.P. Morgan Payments Partner Network, in a move that will offer J.P. Morgan Payments clients access to Mondu’s tools to improve cash flow, boost sales and streamline payment processes.
“The B2B payments landscape is undergoing significant transformation, and Mondu is leading the way in Europe,” Heather Crowley, global head of Trade & Working Capital Product at J.P. Morgan Payments, said in a statement.
J.P. Morgan Payments’ partner network has more than 80 member companies.
As part of the network, Mondu said it has a referral program to provide its deferred payment solutions for accounts payables and receivables to J.P. Morgan Payments’ network of corporate clients in Europe.