Monite raises $5 million for a finance management platform

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

The company in the press release noted that the funding would be used towards the development of automated products, including accounts payable (AP), invoicing, expenses, cash flow, and analytics.

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

“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.” said Ivan Maryasin, co-founder and CEO of Monite.

Adding further it noted that the company allows the service providers to become a ‘one-stop shop’ and provide a suite of tools which includes invoicing, payables automation, and expense management that are embedded and connected with other tools.

Also noting, the company over-time would provide services such as invoice insurance, BNPL, invoice financing, factoring which would add more businesses with financial needs end-to-end.

Monite is a platform that allows other B2B platforms such as marketplaces, neobanks and saas companies to integrate finance automation features such as APIs, automation, AP automation, invoicing, and expense management.

The total funding fintechs have raised this year excluding this is $313 million and this month, two B2B payment companies, Tribal and Flexio have raised $60 million and $3 million in their respective funding rounds.