Berlin-based API-first fintech Monite has raised an additional €5.5 million, bringing its total seed funding to $16 million. The round was co-led by Valar Ventures and Third Prime. This funding will help Monite expand its financial services in the US and consolidate its position in Europe.
About Monite
Monite provides finance automation solutions for B2B platforms. It aims to make B2B payments more efficient, moving away from traditional methods like cash or checks. The company’s services include invoice mapping, internal approvals, and regulatory compliance adherence. Monite’s APIs and SDKs allow for quick integration of these services.
The need for efficient B2B payments
In 2022, B2B transactions in the US were slow, with the largest portion, about $12 trillion, using cash or checks. With 64% of SMBs interested in embedded financial services, Monite’s solutions are timely. They enable platforms to become one-stop shops for business clients, streamlining payment-related workflows.
Monite’s solution
Monite’s platform allows B2B companies to offer comprehensive invoicing and spending management within weeks. Its APIs facilitate quick integration of payment solutions, including accounts payable automation. This efficiency has attracted significant investor interest despite a general downturn in fintech investments.
Investor confidence
Valar Ventures, known for backing successful fintech startups, co-led the funding round. James Fitzgerald of Valar commented on the SMB market’s potential and Monite’s unique infrastructure. He highlighted Monite’s ability to quickly and affordably add financial services to B2B platforms.
Future plans
With the new funding, Monite plans to enhance its product development and expand its financial services in the US. It has already signed clients like Capital on Tap and OpenSolar. The company aims to double down on its suite of embeddable financial services for US B2B platforms, offering solutions aligned with local standards.
Expansion and innovation
Monite’s strategic expansion into the US market includes launching invoicing and bill pay solutions tailored to US clients. These solutions add ACH and check payment options, ensuring compliance with US regulations. This move represents a significant step towards Monite’s goal of transforming finance automation for B2B platforms.
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