Fintech Startup Monite Raises $5million To Help Neobanks & Saas Businesses Build New Products
Berlin-based fintech startup Monite to facilitate the B2B players in high-end finance automation gathers funding of $5 million.
Fintech startup Monite which allows businesses to access the top finance automation suite in the tooling they already use has landed a hefty amount of funding of $5million. The startup procured this gigantic fund in a round led by Point 72 ventures.
The funding round also saw the participation from prominent fintech industry experts such as Adriaan Mol, founder of Mollie, Victor Jacobsson, founder of Klarna, Phil Valka, a senior executive at PayPal, Jason Pate, an executive at Plaid, Ralph Müller, Ex-Deutsche Bank Board Member and Oxygen investor and Jonathan Weiner, a fintech investor and founder of Money2020.
Founded in 2020, by Ivan Maryasin and Andrey Korchak, the startup last year raised €1.1 million in a pre-seed round led by InVentures, signals Venture Capital, Tomahawk VC, and Runa Capital last year. Like Monite many Fintech startups this year have picked a heavy amount of funding from investors. For instance, Sanad Cash raised funding of $1.1M, and Dubai-based Zwaya raised funding of $1M. Moreover, Monite is a little different from other startups as it allows B2B platforms, neobanks, marketplaces, and SaaS companies to integrate high-end finance automation features. Other than this Monite’s embedded API also allows its customers to automate their finance feature with the inclusion of invoicing and expense management. Monite helps the businesses attached with it in the API implementation from technical know-how to front-end UX flow. Indubitably, totally has the ability to change the fintech industry.
Monite co-founder Maryasin talking about automation, and transformation in the fintech industry said
“In recent years, various financial products such as accounts, cards, foreign exchange transactions or trading have become fully integrable,” he says in an interview with Finance Forward. The next step is to make invoicing and accounts payable management fully integrable. “In this way, every B2B provider can offer its customers a complete operating system of financial services. Their end customers, in turn, gain access to a high-end finance stack within their usual user interface and save themselves the hassle of going through extra tools.”
No doubt, Maryasin is right about the rise of fully integratable financial products that have also caused the surge in the fintech industry. As also evident from the figures of the global financial sector that by the end of this industry the fintech app and web development is going to increase. Thus raising the value of the perse industry up to US$26.5 trillion.