B2B buy now pay later platform Hokodo shuts down after eight years and €500M in financed invoices

Hokodo, a European B2B buy now pay later platform that served more than 100,000 business buyers across 10 countries, has ceased operations after eight years, having facilitated more than €500M in financed invoices and raised tens of millions in funding including a 2023 partnership with BNP Paribas. The company's founders attributed the shutdown to scaling before the business had truly earned it, taking too long to narrow focus, and building too much product complexity. Co-founders Louis Carbonnier, Richard Thornton, and Sami Ben Hatit have launched Liquidity Labs, a consulting firm helping B2B companies modernize their trade credit and cash flow operations using AI.