Berlin-based platform for embedded finance Monite has raised $5 million. The round was led by Point72 Ventures with participation from Klarna founder Victor Jacobsson, Mollie founder Adriaan Mol, PayPal senior executive Phil Valka, Plaid executive Jason Pate, fintech investor and Money2020 founder Jonathan Weiner, and Ex-Deutsche Bank Board Member and Oxygen investor Ralph Müller. With the new capital infusion, the company will look at the roll out of a full-scale white-label solution that can be implemented in just 24 hours.
It is also developing the team and looking at market expansion into the U.K., U.S., and beyond. The funds will also be used to develop new automated products, including accounts payable (AP), invoicing, expenses, cash flow, and analytics.
Founded in 2020, the startup enables B2B software providers to serve all of their customers’ business finance needs in a single platform, increase retention and get access to new revenue streams.
Talking about how Monite is providing a seamless customer experience, Ivan Maryasin, co-founder and CEO of Monite said: “The startup allows services providers to become a one-stop-shop and provide its customers with a full suite of back-office tools, including invoicing, payables automation, and expense management. And all of that is fully embedded into the familiar interface and connected with other tools, providing a seamless customer experience.”
Going forward, the platform will also add contextual upsell of relevant financial services from top market players for things like invoice insurance, BNPL, invoice financing, factoring, and more, enabling businesses to support their customers’ financial needs from end to end, he added.
The startup’s platform is currently available for customers in the U.S., the U.K., Germany, and France.