Monite‘s seed funding has reached $16 million in order to support US expansion efforts.
Monite confirmed that they’ve added additional ($6M) funding to their seed round, thanks to Valar Ventures and Third Prime, bringing their total to $16M. This top-up supports their European leadership “in embedded finance and opens doors to the US market.”
This isn’t just growth, according to Monite. It’s also about making B2B payments smooth and meeting the 64% of SMBs craving integrated financial tools.
Monite says they are now set “to change how businesses manage finance, from invoicing to bill payment.”
The Fintech firm explains that SMBs still manage their finance on paper, Excel and 5+ external tools, resulting in 5% revenue loss.
The firm wants to turn B2B platforms, neobanks, and fintechs into super-apps “that solve this problem with automated invoicing, payables, and B2B payments.”
Monite, the API-first embedded finance company that helps B2B platforms capitalize on hassle-free finance automation for their clients, last year fortified its commitment to become an industry standard by appointing three Fintech professionals.
In an interview last year with CI, Monite’s CTO, Andrey Korchak explained:
“Building Fintech can be costly in terms of time, money, and team working hours. Fintech is heavily regulated, and financial apps have to meet stringent legal and compliance standards. Data protection policies, internal and external compliance standards, anti-money laundering acts, cybersecurity, local tax regulations, and laws are just a few of the things that must be taken care of while simultaneously working on developing financial services.”
He added:
“In addition, Fintech comes with numerous edge cases, which must be handled properly. Missing transactions, invalid currency conversion rates, banking holidays in different countries, sanctions, FATCA — you can’t ignore all of that and simply build an MVP. If you are producing software that doesn’t handle sanctions lists or FATCA, it’s not an MVP; it’s most likely the end of your business.”
