Monite secures $6M for expansion in the USA

Valar Ventures and Third Prime lead the round. With a total of $16M in the seed stage, Monite plans to strengthen its market leadership in Europe and expand to the US market.

Berlin - API-first fintech company Monite, which provides financial automation for B2B platforms, has successfully closed a top-up round of $6M, bringing the total funding of its seed stage to $16M. The round was co-led by Valar Ventures and Third Prime, with ongoing support from existing investors. The funds will be used to solidify Monite's position as an embedded financial services provider in Europe and expand its presence in the US.

$12 trillion in cash or check

Of the $27 trillion B2B transaction volume in the U.S. in 2022, approximately $12 trillion was made by cash or check. Monite enables B2B platforms to offer robust revenue and expense management workflows within 4-5 weeks 64% of SMBs show interest in financial services embedded in the platforms they use daily and consider a 'system of record'.

Monite helps B2B platforms offer invoicing solutions for SMEs, including compliant quotes, reminders, payment links and seamless accounting integrations. In addition, Monite enables the embedding of advanced automated invoice processing solutions, including email capture, OCR, approval workflows and a variety of suitable payment methods.

The SMB market remains underserved, particularly in the area of financial automation.

James Fitzgerald, Founding Partner at Valar Ventures

Despite a decline in venture capital interest in the fintech sector in 2023, Monite saw an increase of 10x in monthly recurring revenue and 5x in customer growth year-on-year. This piqued the interest of Valar Ventures, backers of Xero, N26, Qonto and other well-known fintech startups.

Ivan Maryasin, CEO and founder of Monite, expressed his delight at the continued support of Third Prime and the addition of Valar Ventures as an investor. With the additional funding, Monite plans to intensify product development and expand its embedded financial services offering to US B2B platforms and their customers. This is already underway with strategic moves including the launch of billing and payment solutions for US customers.