Monite, an API-first fintech based in Berlin, is making waves in the finance automation sphere. Specialising in hassle-free finance automation for B2B platforms, Monite recently secured a $6M top-up round, led by Peter Thiel-backed Valar Ventures (invested in companies including Xero, N26, and Qonto) and Third Prime. This brings Monite’s total seed funding to $16M, driving the company towards its goal of becoming a leader in embedded finance, particularly in the US market.
Addressing the Need for Streamlined B2B Payments
The B2B payments landscape has long been plagued by inefficiencies, with a significant portion still relying on outdated methods like cash or checks. Monite aims to revolutionise this space by providing seamless financial operations within the B2B platforms used daily by businesses. With a growing demand for integrated financial services within these platforms, Monite is well-positioned to meet the needs of SMBs seeking streamlined payment workflows.
Solutions and Growth
Founded in 2020 by Andrey Korchak and Ivan Maryasin, Monite offers B2B platforms the ability to integrate robust revenue and spending management workflows in just weeks, significantly reducing the time and cost compared to developing internal solutions. Its suite of APIs and SDKs enables platforms to offer comprehensive invoicing and accounts payable automation, enhancing the overall experience for SMBs.
Despite a downturn in venture capital interest in fintech, Monite’s outstanding performance has attracted the attention of investors like Valar Ventures. With a 10x increase in monthly recurring revenue and 5x year-over-year customer growth, Monite’s potential for success in the finance automation space is undeniable.
James Fitzgerald, Founding Partner at Valar Ventures, said “The SMB market remains underserved, especially within finance automation. We see many startups and incumbents attacking this problem, but Monite’s unique infrastructure lets companies add bill pay, invoicing and other payment solutions to their offering quickly and cheaply simply through Monite’s APIs. It also enables platforms serving SMBs to add new revenue streams by offering their clients more real value. Monite’s customizable embedded workflows for B2B platforms align perfectly with our vision of how finance automation will be evolving in the next years.”
Ivan Maryasin, CEO and founder of Monite, says “We are thrilled to get continuous support from existing backers like Third Prime and welcome Valar Ventures among our investors. Valar has a history of picking stars in the B2B finance and payment space. They recognize talent and growth potential and offer hands-on support in the company’s development. Our ambition, backed by impressive achievements against bold targets, makes Monite a perfect fit for Valar.”
Funding utilisation
Building on the additional funding, Monite plans to double down on product development and expand its suite of embeddable financial services for US B2B platforms and their customers. The company has already taken strategic steps to enter the US market signing clients such as Capital on Tap and OpenSolar, both of which undertake extensive operations in the United States. It has launched Invoicing and Bill Pay solutions for US clients, adding payment rails for ACH and check payments, and ensuring that the service aligns with local regulatory standards.
