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The Monite platform offers the tools needed to manage the operational tasks of small and medium-sized businesses in Europe, including accounting. Using Monite, companies can bill customers, manage employee expenses, process incoming bills, and prepare reports. It is claimed that Monite stores documents in the system in accordance with the requirements of tax law and provides a full financial overview of the company.
According to the developers, Monite saves companies 50% of money and time resources, allowing the team to focus on the main business.
The startup, registered in Germany, was founded by Ivan Maryasin (before that he led the development of the German b2b-neobank Penta) and Andrei Korchak (headed the technical team at Tochka Bank ).
History
2022: Attracting $5 million investment
On February 22, 2022, Monite announced investment a $5 million round from a group of investors, including Point72 Ventures Klarna founder Viktor Jacobsson, Mollie founder Adrian Mola, head PayPal Phil Valk, head Plaid Jason Pate, fintech investor and founder of Money2020 Jonathan Weiner, as well as former board member Deutsche Bank and investor Oxygen Ralph.
Monite allows B2B services, marketplaces, non-banks and vertical SaaS to integrate high-end automation functions finance , along with leading players in the market. Using API Monite, they can provide their customers with financial automation functions, including billing and expense management. Monite allows these services to serve all the financial needs of their customers within one platform, retain them longer and earn on additional functionality.
 | Each company already has an online service that it uses most of the time, whether it is a non-bank, a vertical software provider or something else. These platforms are already part of the business process, so it will be easy for entrepreneurs to entrust their finances to them, "said Ivan Maryasin, co-founder and CEO of Monite. |  |
| | Monite allows these service providers to become available to their customers with a complete set of back-office tools, including billing, creditor debt automation, and expense management. And all this is completely built into the usual interface and is connected with other tools. Over time, Monite will also add contextual sales of financial services from leading market players, such as insurance accounts, BNPL, account financing factoring , and more, which will allow companies to cover all the basic financial needs of their customers. | |
In addition to expanding the growing team and expanding the market in the UK, US and other countries, the funds from the round will primarily be used to develop new automated products, including payables (AP), billing, spending, cash flow and analytics. As of February 2022, the Monite platform is available to customers in the United States, Great Britain, Germany and France.
| | In recent years, there has been a rapid development of software that helps companies carry out their main business operations, and we are seeing the emergence of embedded financial solutions that help these companies launch related financial products, "said Pete Casella, a partner at Point72 Ventures. | |
2021: Attracting €1.1 million of investments
In early March 2021, it became known about attracting €1.1 million in investments by Monite. Venture funds Runa Capital, Tomahawk VC, signals Venture Capital, InVentures, as well as several business angels invested in it. Details of the investment transaction are not disclosed.
The startup intends to spend the funds received from investors on business development in Europe, improving functions and improving the product as a whole.
So, by 2022, the team plans to add to the system the ability to automatically retrieve receipts when paying on online portals and collect debts on invoices. It is also planned to integrate credit, factoring and insurance services into the product.
By March 4, 2021, the Monite service is only preparing for launch. At the same time, he has already named the prices:
- for freelancers - €29 per month;
- for business - from €49 per month, depending on the volume of documents;
- there will also be a free trial period of 7 or 14 days.[1]
Notes
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