Embedded finance workflows startup Monite added $6 million to its seed funding, bringing its total to $16 million.
The firm will use the new funding to further enhance its standing in the European market and expand in the United States, Monite said in a Monday (Feb. 19) post on LinkedIn.
“This isn’t just growth; it’s about making B2B payments smooth and meeting the 64% of [small- to medium-sized businesses (SMBs)] craving integrated financial tools,” the company said in the post. “We’re set to change how businesses manage finance, from invoicing to bill payment.”
The latest funding round was led by Valar Ventures and Third Prime, according to the post.
The round comes about 11 months after Monite said it closed $5 million in seed funding, bringing its total to $10 million at the time.
“SMBs remain technically underserved, while B2B neobanks, eCommerce and B2B [Software-as-a-Service (SaaS)] businesses have an incredible opportunity here to grow their revenue with no additional marketing expenses,” Monite Co-founder and CEO Ivan Maryasin said at the time. “Digitalizing finance workflows through existing SaaS players is a game-changer, and we allow our clients to become an all-in-one financial [operating system] for their industry.”
Monite’s finance management platform enables SMBs to automate their administration and accounting tasks all under one roof, Maryasin told PYMNTS in an interview posted in March 2022.
In addition, the Monite API enables B2B firms to plug finance automation features into a simple API — allowing any neobank, marketplace or vertical SaaS player the ability to offer invoicing, accounts payable automation and expense management to their clients within their existing interface.
“They don’t have to change the interface, they don’t have to buy a new software, they can just get an upgrade,” Maryasin said at the time.
PYMNTS Intelligence found that a growing number of companies are adopting embedded finance solutions in both their B2B and consumer-facing payment verticals.
With people experiencing the benefits of embedded finance in their lives as consumers and looking to bring them into the workplace, businesses and banks must keep pace with the demand for this technology, according to PYMNTS Intelligence’s “Embedded Finance Tracker®.”