Embedded finance automation platform Monite has raised $5 million in a round led by Point72 Ventures and joined by a host of high-profile angel investors.
Klarna founder Victor Jacobsson, Mollie founder Adriaan Mol, PayPal senior executive Phil Valka, Plaid executive Jason Pate, Money2020 founder Jonathan Weiner, and ex-Deutsche Bank board member Ralph Müller all participated in the round.
Monite allows B2B platforms, marketplaces, neobanks, and vertical SaaS players to integrate finance automation features including compliant account payable automation, invoicing, and expense management.
Through its embeddable API, the German company says it 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.
The new funding will be used to make hires and expand into the UK and US, as well as to develop new products including accounts payable, invoicing, expenses, cash flow, and analytics.
Ivan Maryasin, CEO, Monite, says: “Every company already has an online service they’re using most of the time, whether it’s a neobank, a vertical software provider, or something else. These platforms are already a part of the business process, so it would be easy for businesses to trust them with their finances.
“Monite allows these services providers to become this one-stop shop and provide its customers with a full suite of back-office tools, including invoicing, payables automation, and expense management."