Monite Secures $6 Million Funding Round Led by Valar Ventures and Third Prime
Berlin-based fintech firm, Monite, is making waves in the finance automation sector with its API-first approach. Recently, the company secured a $6 million top-up round led by Valar Ventures and Third Prime, two renowned investors. Monite aims to revolutionize the B2B finance space by providing seamless financial operations within daily used B2B platforms. Despite a downturn in venture capital interest in fintech, Monite’s outstanding performance has caught the attention of investors like Valar Ventures, bringing its total seed funding to $16 million. This funding will enable Monite to become a leader in embedded finance, particularly in the US market.
The B2B payments landscape has long suffered from inefficiencies, mainly relying on outdated methods like cash or checks. Monite is well-positioned to address the needs of small and medium-sized businesses (SMBs) by offering streamlined payment workflows.
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 software development kits (SDKs) allows platforms to provide comprehensive invoicing and accounts payable automation, improving the overall experience for SMBs.
With a staggering 10x increase in monthly recurring revenue and 5x year-over-year customer growth, Monite unquestionably has the potential for success in the finance automation market.
James Fitzgerald, Founding Partner at Valar Ventures, highlighted the simplicity and cost-effectiveness of adding bill pay, invoicing, and other payment solutions through Monite’s APIs. He also mentioned the alignment between Monite’s infrastructure and Valar Ventures’ vision for the evolution of finance automation.
Ivan Maryasin, CEO and founder of Monite, expressed excitement about the continuous support from existing backers like Third Prime and the addition of Valar Ventures as an investor. He emphasized Valar’s successful track record in the B2B finance and payment space, demonstrating confidence in Monite’s growth potential and development.
Monite plans to utilize the additional funding to double down on product development and expand its range of embeddable financial services for US B2B platforms and their customers. The company has already made strategic strides to enter the US market, securing clients such as Capital on Tap and OpenSolar. Monite has also launched Invoicing and Bill Pay solutions for US clients, including payment rails for ACH and check payments, ensuring compliance with local regulatory standards.
Analyst comment
Positive news: Berlin-based fintech firm Monite has secured a $6 million top-up round led by renowned investors Valar Ventures and Third Prime, bringing their total seed funding to $16 million. This funding will enable Monite to become a leader in embedded finance, particularly in the US market. Monite’s API-first approach and streamlined payment workflows for B2B platforms have driven significant revenue and customer growth. With the additional funding, Monite plans to double down on product development and expand its range of financial services for US clients.
