Berlin-based Monite raises €1.1 million to automate admin and accounting for SMEs in Europe

dan@tech.eu

Monite wants to alleviate the (on average) 15 hours per week that small to medium sized businesses spend on financial admin tasks. Announced today, Monite is launching their financial management platform that seeks to automate the admin and accounting processes.

The €1.1 million pre-see round includes investments from Tomahawk VC, signals Venture Capital, InVentures and Runa Capital.

Angel investments include Ex-Deutsche Bank board Ralph Müller, Postbank Board Member Lars Stoy, ex-Global Head of FX Trading and Sales at Commerzbank Alfred Schorno, former Managing Partner for McKinsey Central Europe Cornelius Walter, General Partner of Acrobator VC Bas Godska.

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.

“Before launching the platform we’ve studied more than 300 SMEs and freelancers across Europe and found 76,5% of them prefer to use one platform for the admin needs, rather than constantly switching between 5 or 6 narrowly-focused tools,” Ivan Maryasin, CEO of Monite, says. “With Monite we strive to replace all those tools, saving 50% of both time and money and boosting productivity”.

Monite plans on going full tilt later this year, as the team opens a waitlist as of today. The platform is said to support up to 100 employees, with further expansions and new product lines planned by the end of 2021.

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