Monite, an automated finance management platform from Berlin, has raised $5 million in a funding round, according to a Tuesday (Feb. 22) Silicon Canals report.
Monite said the new funds to make new automated products like accounts payable (AP), invoicing, expenses, cash flow and analytics. The company will also add more team members and expand into more countries, including the U.K. and the U.S.
Co-founder and CEO Ivan Maryasin said Monite allows various service providers to become a “one stop shop,” offering various back-office tools. This comes as companies have one online service they use, between neobanks, vertical software providers or something else.
The Monite platform will help to unify some of those things, letting platforms integrate high-end finance automation features. The embeddable application programming interface (API) will let customers automate finance features, compliant AP automation, invoicing and expense management on one platform.
“All of that is fully embedded into the familiar interface and connected with other tools, providing a seamless customer experience,” Maryasin said. “Over time, Monite will also add contextual upsell of relevant financial services from top market players for things like invoice insurance, BNPL, invoice financing, factoring and more, enabling businesses to support their customers’ financial needs from end to end.”
B2B, like other forms of commerce, is undergoing changes to the way it operates because of the new levels of digitization in society. PYMNTS wrote that as more AP and accounts receivable (AR) departments are realizing the benefits, they’re adopting B2B digital payments.
See also: 80% of Buyer-to-Supplier Transactions Could Be Completed Electronically by 2025
B2B firms have historically relied on older paper-based processes like checks, but digitization has changed these processes. Eighty percent of buyer-to-supplier transactions might be electronic by 2025, highlighting the digital shift.
Businesses have relied less on in-person contact throughout the pandemic, and have become more comfortable taking digital payments. They have also begun relying more on virtual cards, which can add benefits like visibility and spend management control.
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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT
About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
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