Hokodo announced $12.5 million Series A led by Mosaic Ventures.

Hokodo, a London, UK-based software developer of a BNPL white label solution sold to merchants, announced the completion of a $12.5 million Series A funding round.

The money was raised from investors led by Mosaic Ventures, with participation from Notion Capital, and the seed investors Anthemis. The round included contributions from angel investors including Taavet Hinrikus, founder of TransferWise (now Wise), Thijn Lamers, former EVP, Global Sales of Adyen, Max Bittner, CEO of Vestiaire Collective and founder of Lazada and Rich Laxer, ex-Chairman and CEO of GE Capital.

Proceeds will be used to scale the team and extend the platform to support more merchants in more countries, and provide easy access to online credit terms.

Hokodo, founded in 2018 by CEO Louis Carbonnier, Richard Thornton and Sami Ben Hatit, developed a BNPL-based software system that is sold to other companies willing to implement it for their customers. The tool allows customers to check the credit ratings of their clients and suppliers and facilitate informed decisions about credit terms, and streamlines the entire order-to-cash process.

The company has 20 merchants as paying customers, powering 10,000+ buyers transacting on the platform.

Hokodo raised €1.9M in a round led by Anthemis in 2018.