Monite raises EUR 6 million in funding round

Following this announcement, Monite will focus on its strategy to double down on product development and the overall expansion of its suite of Embeddable Financial solutions for US-based B2B platforms and clients. 

At the same time, the firm has already made a couple of decisions in its plan to enter the US market, singing users such as Capital on Tap and OpenSolar. Both companies will undertake extensive operations in the United States. Furthermore, the firm has launched Invoicing and Bill Pay services for US clients, as well as adding payment rails for ACH and check transactions, while also ensuring that the tool aligns with local regulatory standards. 

The round was co-led by Valar Ventures and Third Prime, with continued support from already existing investors. 

More information on the funding round

With 64% of small and medium-sized enterprises (SMEs) expressing interest in leveraging financial solutions embedded in the platforms they use daily, and considering their `system of record`, the funding round will allow Monite to focus on meeting the needs, preferences, and demands of their customers, while also become a one-stop shop for their business users. In addition, it will also be enabled to streamline and own payment-related workflows, including order-to-cash and procure-to-pay workflows invoice mapping, regulatory compliance adherence, as well as internal approvals. 

Moreover, the company will focus on optimising the manner in which SMBs access financial products and benefit from financial inclusion, as it will allow them to add bill pay, invoicing, and other methods to their suite of capabilities simply through the use of Monite’s APIs. At the same time, it will enable platforms serving SMEs to add new revenue streams by providing their users with more real value. 

According to the press release, Monite will continue to optimise the manner in which B2B platforms offer secure revenue and spending management workflows to their customers within 4-5 weeks by leveraging flexible APIs and SDKs. Furthermore, platforms are expected to be enabled to start providing a comprehensive invoicing service designed in order to facilitate transactions for small and medium-sized businesses (SMBs), while also incorporating compliant quotes, reminders, accounting integrations, and payment links. 

Monite is expected to provide customers with the possibility to benefit from the embedding of improved accounts payable automation, which will include email capture, OCR, a range of suitable payment methods, and approval workflows.