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Monite founders Ivan Maryasin and Andrey Korchak | Image credit: Monite

Monite, a Berlin-based automated finance management platform, announced on Tuesday that it has raised $5M (€4.4M) in a funding round led by Point72 Ventures.

The round also saw strategic participation from other fintech industry experts such as Victor Jacobsson, founder of Klarna; Adriaan Mol, founder of Mollie; Phil Valka, a senior executive at PayPal; Jason Pate, an executive at Plaid; Jonathan Weiner, a fintech investor and founder of Money2020; and Ralph Müller, Ex-Deutsche Bank Board Member and Oxygen investor.

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“Monite is building a universal financial backend, serving business customers through any app or service provider they happen to be using”, says Ralph Müller, Ex-Deutsche Bank PFK Board Member. “I see the huge potential behind this technology especially in today’s reality and I am happy to support the company on its way to success.”

Monite had earlier raised €1.1M in a pre-seed funding round.

Fund utilisation

Monite claims that it will use the funds primarily to develop new automated products, including accounts payable (AP), invoicing, expenses, cash flow, and analytics.

The company also plans to grow  its team with fintech industry experts and to expand into the UK, US, and other countries.

Monite’s platform is currently available for customers in the US, the UK, Germany, and France.

Ivan Maryasin, co-founder and CEO of 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 service 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. And all of that is fully embedded into the familiar interface and connected with other tools, providing a seamless customer experience. Over time, Monite 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,” Maryasin adds. 

Monite: What do you need to know?

Founded in 2020 by Andrey Korchak, and Ivan Maryasin, Monite allows B2B platforms, marketplaces, neobanks, and vertical SaaS companies to integrate high-end finance automation features.  With Monite’s embeddable API, its customers can automate their finance features, compliant account payable automation, invoicing, and expense management for their own customers on a single platform. Monite claims that this helps businesses increase retention and get access to new revenue streams.

The company says that its API platform is built to take 90% of the heavy lifting of the clients’ shoulders, while allowing them to customise the solution to their audience’s needs and “build a unique user experience”. Monite helps clients in every step of the API implementation – from technical know-hows to front-end UX flow. 

The company says it will launch a full-scale white-label solution in the future that can be implemented in just 24 hours. 

The investor

Point72 Ventures is a global venture capital firm with offices in US and Europe, and invests in all stages of a company’s growth, from idea to IPO. The firm says it invests “in founders with bold ideas who use the latest technologies to drive transformational change across industries”.

“Recent years have seen an explosion in software being developed that helps companies run their core business operations, and we have seen embedded finance solutions emerge to help these software businesses launch associated financial products,” says Pete Casella, Partner at Point72 Ventures.

“We believe Monite is part of the next generation of embedded finance. Their products allow developers to expand the capabilities of their software by adding additional workflows and tooling, starting with APIs that enable financial workflows such as accounting automation and expense management,” Casella adds.