The company aims to address challenges in B2B payment collections by allowing finance teams to efficiently receive payments from any accounts payable (AP) portal used by their enterprise clients. Monto has also announced the establishment of a new office in New York City.
The funding round was led by Scale Venture Partners, with additional contributions from Verissimo Ventures, F2 Venture Capital, Firsthand Alliance, and Room40 Ventures. Notable participants include serial entrepreneur Ariel Maislos and fintech professionals with backgrounds in Intuit, Plaid, and Salesforce. The company plans to use the investment to support its US expansion and further develop its technology, which aims to simplify B2B payments, primarily Automated Clearing House (ACH) and Real-Time Payments (RTP), to a process as straightforward as card payments.
As global regulations push businesses towards adopting e-invoicing systems, Deloitte projects widespread adoption across various regions, driven by both government mandates and market trends. This transition often necessitates integration with multiple, complex customer payment systems, which can complicate payment collection and affect cash flow and working capital.
Monto’s platform offers smart integration between financial systems, focusing on linking ERPs with AP portals. Its AI-driven approach customises to each customer’s invoicing needs, aiming to reduce manual effort, minimise late payments, and improve cash flow management.
Representatives from Scale Venture Partners noted that their investment in Monto reflects a deep understanding of the CFO and procurement challenges within the financial sector. They also emphasised that Monto uniquely addresses the workflow issues faced by accounts receivable teams, which he believes is a critical missing component in current AP platforms.
Monto's clientele includes large enterprises across various sectors, including public companies such as Shutterstock and TechTarget, as well as tech firms such as Miro and G2. Officials from Monto highlighted that the platform was designed to future-proof CFOs against a scenario where most customers will use portals. They also explained that Monto’s 'zero-touch' payment solution operates seamlessly with these portals.
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