Monite raises another $5 million bringing in a total of $10 million in seed funding

Berlin-based Monite added to its seed round recently with a further $5 million in Seed funding in a round led by Third Prime, which was joined by S16, Audeo Ventures, and Long Run Capital.

This investment follows a $5 million Seed led by Point72 Ventures in early 2022 and brings Monite's total Seed funding to $10 million.

In addition to this seasoned group of FinTech investors, Monite is backed by esteemed industry leaders with extensive expertise and hands-on experience in FinTech and embedded finance, including Nium founder Prajit Nanu, Penta co-founder Igor Kuschnir, Klarna founder Victor Jacobsson, Mollie founder Adriaan Mol, ex-PayPal senior executive Phil Valka, and Plaid executive Jason Pate.

Founded in 2020, the start-up 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.

Monite connects to SME’s bank accounts, thus allowing direct invoicing, managing of employee expenses, and incoming bills directly within the system with real actions taking place. And as the platform is built with accurate accounting in mind, preparing a Datev export for tax authorities submission is a relatively simple matter. All documents are saved and organised in a tax-compliant manner and provides a full financial overview of the company.

“Only 5-10% of SMBs use a modern finance stack, while 79% of them still do their accounts payable manually. SMBs remain technically underserved, while B2B neobanks, eCommerce and B2B SaaS businesses have an incredible opportunity here to grow their revenue with no additional marketing expenses. Digitalising finance workflows through existing SaaS players is a game-changer, and we allow our clients to become an all-in-one financial OS for their industry," said Ivan Maryasin, co-founder and CEO of Monite.