Hokodo closed a series B fundraise of $40 million led by Notion Capital.

Hokodo, a London, UK-based software developer of a BNPL white label solution sold to merchants, raised $40 million Series B funding round.

The money was raised from investors led by Notion Capital, joined by existing shareholders Mosaic Ventures and Anthemis, as well as by Korelya Capital (France), Mundi Ventures (Spain), and Opera Tech Ventures (France).

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 says it onboarded 30 merchants and marketplaces as paying customers, handling business for 30,000 buyers transacting on the platform.

Hokodo secured $12.5 million Series A in 2021 and raised €1.9M in a round led by Anthemis in 2018.