Monite, a startup focused on embedded finance workflows, has successfully raised $6 million in additional seed funding, bringing its total funding to $16 million. The company is planning to utilize the new funding to strengthen its presence in the European market and expand its operations in the United States. This recent development was announced by Monite in a LinkedIn post on Monday (Feb. 19).
According to the company, the goal of this funding is not just expansion, but also to facilitate seamless B2B payments and address the needs of the 64% of small to medium-sized businesses (SMBs) that are seeking integrated financial tools. Monite aims to revolutionize the way businesses handle finances, from invoicing to bill payment.
The latest funding round was spearheaded by Valar Ventures and Third Prime, as per the announcement. This comes almost a year after Monite’s previous seed funding, where it had secured $5 million, making its total funding $10 million at that time.
Ivan Maryasin, the Co-founder and CEO of Monite, stated, “SMBs remain technically underserved, while B2B neobanks, eCommerce, and B2B Software-as-a-Service (SaaS) businesses have an incredible opportunity here to grow their revenue with no additional marketing expenses.” He emphasized the significance of digitalizing finance workflows through existing SaaS players as a game-changer, allowing clients to become an all-in-one financial operating system for their respective industries.
Monite’s finance management platform provides SMBs with the capability to automate administrative and accounting tasks all within a single platform. Additionally, the Monite API enables B2B firms to integrate finance automation features into a simple API, offering services such as invoicing, accounts payable automation, and expense management to their clients without the need to change their existing interface.
A previous interview with Maryasin revealed that the company’s approach allows for a seamless upgrade for clients, without the need to change interfaces or invest in new software.
According to PYMNTS Intelligence, the adoption of embedded finance solutions in both B2B and consumer-facing payment verticals is on the rise. As consumers experience the benefits of embedded finance in their personal lives and seek to incorporate them into their work environment, there is a growing demand for this technology. Businesses and banks are encouraged to keep up with this demand, as highlighted in PYMNTS Intelligence’s “Embedded Finance Tracker®.”
In conclusion, Monite’s recent funding milestone reflects the growing interest and investments in embedded finance solutions. As the company sets its sights on further expansion and innovation, it aims to continue providing essential financial tools and services to businesses across different industries.
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