JPMorgan backs B2B firm Mondu [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
JPMorgan Chase's payments arm has provided a 100 million euro ($117.4 million) debt facility to Mondu, a Dutch business-to-business payments company, according to a Wednesday press release The company will also join the bank's partner network, allowing Mondu to provide its deferred payments services for accounts payable and receivable functions to JPMorgan's clientele, per the release. Amsterdam-based Mondu plans to use the funding to grow its B2B payment services and expand across Europe, the joint release said. The companies pointed to a fast-growing online B2B market, with the Europe segment alone expected to reach $1.8 trillion this year, the release said, citing Statista With Mondu's services available to JPMorgan's network, some 80 corporate clients will have another tool to improve their cash flow, enhance payment processes, offer pay later options and boost sales. Meanwhile, Mondu seeks to capture more of the business-to-business payments market in Europe, the company
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