German startup Monite, based on embedded financial processes using the API, announced the attraction of additional funding in the amount of $ 5 million.

Source: Pixabay.com

As a result of attracting new investment funds, this company doubled the initial round of financing to $ 10 million. Third Prime topped the last seeding round. S16, Audeo Ventures, and Long Run Capital also participated in this round.

Monite provides B2B platforms, marketplaces, non-banks, and vertical SaaS players with the ability to integrate financial automation functions, including appropriate automation of accounts payable, billing, and expense management.

The company claims that the help of an embedded API, allows B2B software vendors to serve all their customers’ business financing needs on a single platform. It also provides an opportunity to increase consumer retention and gain access to new sources of income.

The startup intends to use the new funding to develop additional functions of the existing product, expand the integration of financial services and expand its presence in the B2B payments market. The company currently serves 10 clients in USA, UK, Germany, and France.

Ivan Maryasin, CEO of Monite, says that digitization of financial processes using existing SaaS services is changing the rules of the game.

Monite, in promoting and improving solutions to optimize financial processes, adheres to the idea that saving time is like saving lives.

Earlier in 2022, the company conducted a preliminary round of financing, during which it raised funds in the amount of more than $ 1 million from Tomahawk VC, Signals Venture Capital, InVentures, and Runa Capital.

Monite was founded in 2020. Ivan Maryasin says that the startup allows service providers to become a one-stop shop and provide their customers with a full set of back-office tools.

As we have reported earlier, Adept Raises $350 Million.