TLDR:
- Monite, a Berlin-based fintech, secures $6 million in funding round led by Valar Ventures and Third Prime.
- The company aims to revolutionize B2B payments and expand its presence in the US market.
Monite, an API-first fintech based in Berlin, recently secured a $6M funding round led by Valar Ventures and Third Prime. This investment, backed by Peter Thiel’s Valar Ventures, brings Monite’s total seed funding to $16M, positioning the company to become a leader in embedded finance, particularly in the US market.
Founded in 2020 by Andrey Korchak and Ivan Maryasin, Monite offers B2B platforms seamless financial operations, reducing the time and cost of developing internal solutions. The company’s APIs and SDKs allow platforms to integrate revenue and spending management workflows, enhancing the overall experience for SMBs.
Despite a downturn in venture capital interest in fintech, Monite’s impressive performance, with a 10x increase in monthly recurring revenue and 5x year-over-year customer growth, has attracted the attention of investors like Valar Ventures. The company plans to utilize the additional funding to double down on product development and expand its suite of financial services for US B2B platforms and customers.
With a strategic focus on entering the US market, Monite has already signed clients like Capital on Tap and OpenSolar, offering Invoicing and Bill Pay solutions with payment rails for ACH and check payments. The company’s customizable embedded workflows for B2B platforms align with Valar Ventures’ vision of evolving finance automation in the coming years.
