London fintech Monspire, which helps small businesses predict cashflow needs, has raised £600K funding in a round led by Fuel Ventures .
With the fresh funds, Monspire will launch its AI-powered platform to the market and rapidly onboard new businesses. The company aim become the global cashflow management platform for small businesses, empowering small business owners to grow their businesses with confidence.
Ben Gillen, Founder, commented: “Most business owners don’t start their own firm with a desire to spend their time running a finance function. As our study found, it actually distracts them from building their business. With Monspire, we want to give business owners the confidence to grow knowing that their finances are taken care of.”
Tom Hibbard at Fuel Ventures, commented: “We are excited to help accelerate the growth of Monspire, a purpose-driven company seeking to solve a tangible problem for small businesses, who form the backbone of the UK economy. Ben and Simon have a proven track record of scaling successful tech firms and we are excited for the product to launch to market.”
What issue does Monspire tackle?
A Censuswide study of 500 small business owners commissioned by Monspire found that 67% of entrepreneurs believe running day-to-day finances ‘actively distracts’ them from running their business. More than 60% did not consider themselves knowledgeable in business finance when starting their company.
This issue elevated in the post COVID era. It has never been harder for small businesses to access the money they need to succeed. Also, the saying ‘cash is king’ got a completely new meaning post the pandemic. In this uncertain economic environment, it is quite important to gain a complete view of your business’ finances – and take action at speed.
This is what London fintech Monspire wants to provide with its cashflow management SaaS platform, which is powered by AI. It was founded by serial tech entrepreneurs Simon Draper and Ben Gillen in 2020.
The Monspire platform enables small businesses to predict their cashflow needs through its forecasting tool, empowering them to spot funding gaps, while providing access to invoice financing to help plug gaps. Eventually, it lets businesses grow by providing a complete overview of cashflow.
With this fintech, businesses can plan for any uncertainty and minimise surprises. Also, they will be able to grow their businesses with great confidence. It is possible to understand, forecast and manage business cashflow in real-time with Monspire. It will provide businesses with a singular view of business finances, analyse issues and fill cashflow needs without any fuss.
Recently, Monspire has been selected to participate in the AWS Startup Loft Accelerator, an equity-free programme supporting early-stage startups in Europe, Middle East and Africa with technology, product development and go-to-market advice.
Gillen continued: “Cashflow gaps kill small businesses. We want to breathe new life into the space with a single view of their finances, allowing entrepreneurs and business owners to focus on what they do best.”
