[Funding alert] Berlin-based Monite Secures $6Million in Seed Funding

Tuesday 20, 2024 | By Startup Rise EU

Berlin-based Monite secures $6million in seed funding.With assistance from current investors, Valar Ventures and Third Prime led the financing.

Berlin-based Monite secures $6million in seed funding. With assistance from current investors, Valar Ventures and Third Prime led the financing.

With the money, the company hopes to strengthen its leadership position in European embedded finance and increase its presence in the US.

Read also - London-based Kynd Secures an Undisclosed Amount Funding

Under the direction of CEO Ivan Maryasin and Founder, Monite enables financial activities including invoicing, payables automation, cost management, and accounting to be embedded for their clients on B2B platforms like banks, neobanks, payment providers, and verticalized SaaS.

As opposed to developing an internal solution over the course of two years and more than $1–2 million in development expenditures, B2B platforms can now provide financial management to its clients in 4-5 weeks thanks to its APIs and SDKs.

Read also - Oxford-based MeVitae Raises €1.7 Million in Seed Funding

The company provides platform services to over 28 clients in the US, EU, and other locations. Monite has the support of Plaid and PayPal executives, Third Prime, P72, Klarna, Mollie, and Nium founders, as well as Valar Ventures.

About Monite

Monite, SMBs lose 5% of their sales because they still handle their finances using paper, Excel, and more than five outside programs. Their goal is to transform neobanks, fintechs, and B2B platforms into super-apps that use automated payables, B2B payments, and invoicing to address this issue.

Read also - UK-based Codestone Acquired Cloud Business

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