TLDR
- Monto secures $9 million in Seed funding to streamline B2B payments.
- Company helps B2B finance teams get paid from any AP portal used by their enterprise customers.
Article Summary
Monto, an AI connector for ERPs, has raised $9 million in Seed funding to address the chaos in B2B payments collection. The round was led by Scale Venture Partners, with participation from other VC firms and angel investors with backgrounds in companies like Intuit, Plaid, and Salesforce. With increasing global regulations mandating e-invoicing platforms, Monto aims to facilitate easy payment flow for suppliers by creating smart connections between financial systems. The company already serves large businesses across various industries and has helped suppliers get close to $1 billion in payments through smart connections to different portals.
CEO and co-founder Maya Cohen emphasizes that Monto is a strategic decision for CFOs to future-proof against a landscape where customers will utilize portals for payments. The platform ensures automatic payments through working with the portals rather than against them. Monto supports various ERPs like Workday, Quickbooks, SAP, and Microsoft Dynamics to cater to all customer preferences.
