Monite Secures $6 Million Additional Funding to Expand US Presence

Monite Secures $6 Million Additional Funding to Expand US Presence

Berlin-based fintech firm Monite has announced a significant boost to its seed funding with an additional $6 million investment. The round was led by Valar Ventures and Third Prime, with continued support from existing investors. This latest injection brings Monite’s total seed funding to $16 million, signaling a strong endorsement of its innovative approach to finance automation.

Monite specializes in providing seamless financial automation solutions for B2B platforms, catering to the needs of businesses seeking to streamline their payment processes. With a focus on the US market, the company plans to utilize the funds to consolidate its position as a leader in embedded finance in Europe while expanding its footprint in the United States.

Led by CEO Ivan Maryasin and Founder Andrey Korchak, Monite offers B2B platforms the ability to integrate efficient revenue and spending management workflows in a matter of weeks, significantly reducing both time and costs compared to traditional development methods. Through its flexible APIs and SDKs, Monite empowers platforms to offer comprehensive invoicing and accounts payable automation, enhancing the overall experience for small and medium-sized businesses (SMBs).

Despite challenges in the fintech investment landscape, Monite’s impressive performance has caught the attention of investors like Valar Ventures. With a remarkable 10x increase in monthly recurring revenue and 5x year-over-year customer growth, Monite demonstrates considerable potential in the finance automation sector.

James Fitzgerald, Founding Partner at Valar Ventures, expressed confidence in Monite’s ability to address the underserved SMB market, particularly in finance automation. He highlighted Monite’s unique infrastructure, which enables companies to quickly and affordably add payment solutions to their offerings through Monite’s APIs. This, in turn, allows platforms serving SMBs to unlock new revenue streams while providing clients with added value.

Ivan Maryasin, CEO and founder of Monite, expressed gratitude for the continued support from existing investors and welcomed Valar Ventures aboard. He emphasized Valar’s track record of identifying promising ventures in the B2B finance and payment space, underscoring the alignment of Monite’s ambition with Valar’s vision for the future of finance automation.

Looking ahead, Monite plans to allocate the additional funding towards product development and the expansion of its suite of embeddable financial services for US-based B2B platforms and their customers.

Strategic steps have already been taken to penetrate the US market, with Monite signing clients such as Capital on Tap and OpenSolar, both of which operate extensively in the United States. The company has rolled out Invoicing and Bill Pay solutions tailored for US clients, incorporating payment rails for ACH and check payments while ensuring compliance with local regulatory standards.

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