B2B Payments Firm Mondu Names New Legal Chief

German B2B payments FinTech Mondu has appointed Klarna veteran Miyu Lee to serve as its chief legal officer and general counsel.

As Tech EU reported Monday (April 4), Lee spent 4½ years with the Swedish buy now, pay later (BNPL) firm before joining the Berlin-based Mondu.

“Mondu has already grown phenomenally over the past six months, and we’ll be scaling our legal and compliance teams as we continue to grow across 2022,” Lee said.

According to its website, Mondu offers small- to medium-sized enterprises a BNPL solution that helps “merchants and marketplaces improve conversion rates and protect themselves against default risk while alleviating the operational burden of collection and dunning.”

Philipp Povel, Mondu’s co-founder and CEO, said that the role — and competence — of the chief legal officer is crucial to the company’s industry.

“It is essential that we implement the requirements and restrictions set out by regulators in such a way that our platform can play to its strengths,” Povel said.

Read more: As Regulators Probe BNPL Practices, Data Privacy and Localization Rules Come Into Play

Germany appears to be the European Union’s (EU) leader when it comes to BNPL and is expected to implement new regulations, Julie Rea, vice president of compliance and risk at Digital River, told PYMNTS in an interview last week.

“Paying in installments in Germany is becoming increasingly popular, but with that popularity — Germany being on that leading edge — they’re concerned with ensuring that their citizens understand whether those offered terms are more expensive than other consumer-facing options,” Rea said.

Regulators also want to make sure consumers are aware that low installment rates and due dates that appear to be further in the future might tempt them to act hastily and take on more unneeded debt, she said.

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https://www.pymnts.com/news/b2b-payments/2022/b2b-payments-firm-mondu-names-klarna-veteran-as-new-legal-chief/