TLDR:
- Monite secures $6M in seed funding from Valar Ventures and Third Prime to target the US market.
- The company plans to expand its embedded finance services for B2B platforms in the US.
API-first fintech Monite has received a $6M top-up round, led by Valar Ventures and Third Prime, to bring its total seed funding to $16M. The company aims to target the US market and enhance its position as a European embedded finance leader. With a focus on providing hassle-free finance automation for B2B platforms, Monite plans to offer robust revenue and spending management workflows to clients within 4-5 weeks using flexible APIs and SDKs. By streamlining payment-related workflows and offering solutions for order-to-cash and procure-to-pay processes, Monite aims to cater to the growing demand for embedded financial services within B2B platforms.
Despite a decline in venture capital interest in fintech in 2023, Monite’s impressive growth in monthly recurring revenue and customer base captured the attention of lead backers. Valar Ventures, known for supporting successful fintech startups, sees potential in Monite’s unique infrastructure and customizable embedded workflows. The company’s focus on providing value to SMBs through easy-to-integrate financial solutions aligns with Valar Ventures’ vision of the evolving finance automation landscape. With plans to double down on product development and expand its suite of embeddable financial services for US B2B platforms, Monite is set to make a mark in the US market, starting with clients such as Capital on Tap and OpenSolar.
Overall, Monite’s strategic approach to finance automation and commitment to providing innovative solutions for businesses sets a strong foundation for its growth and success in the US market.
