Embedded finance processes company Monite got $6 million in initial investment, raising its total to $16 million.
Monite stated in a LinkedIn post on Monday (Feb. 19) that the additional money will be used to strengthen the company’s position in the European market and expand into the US.
“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 business stated in a blog post. “We’re set to change how businesses manage finance, from invoicing to bill payment.”
The most recent fundraising round was headed by Valar Ventures and Third Prime, according to the report.
The deal comes around 11 months after Monite announced that company had closed $5 million in seed capital, increasing 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 stated 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.”
