Hokodo shuts down after raising $177 million

European B2B buy now, pay later provider and trade credit MGA Hokodo  is shutting down after eight years in operation, with founders citing strategic missteps and a changing market despite helping establish the category across the region.

Founded in 2018, the Anthemis-backed company built infrastructure for trade credit, enabling merchants to offer payment terms and invoice protection to business buyers. Over its lifetime, Hokodo financed more than €500 million in invoices and served over 100,000 buyers across 10 countries.

The company raised approximately $177 million across equity and debt, with backing from investors including Anthemis , Notion Capital, Korelya Capital, and Mosaic Ventures, alongside a $109 million debt facility from Viola Credit. The platform integrated with partners such as BNP Paribas, Tide, and OroCommerce to embed trade credit into checkout and financial workflows.

Despite early traction, the company acknowledged that it “took too long to narrow focus, scaled before it had truly earned it, and took on too much product complexity,” ultimately leading to the decision to wind down in late 2025.

The founding team is now launching Liquidity Lab, a consulting firm focused on helping companies optimize trade credit and cash flow operations using AI.