Monite, a Berlin, Germany-based embedded finance workflows startup, announced the addition of $6 million to its seed round, bringing the total to approximately $16 million.
SaaS Investors
The round was led by Valar Ventures, with participation from existing investor Third Prime.
Founded in 2010, Valar Ventures is a venture capital firm based in New York, New York. The firm prefers to invest in the financial technology sector.
Monite Use of Funds
The company will use the funds to support its mission to modernize B2B transactions in the US, where paper-based methods still dominate despite technological advancements. Monite aims to expand its product offerings and focus on serving US B2B platforms and their customers.
About Monite
Founded in 2020, Monite is a fintech company on a mission to revolutionize financial management for B2B SaaS companies. The company offers APIs and SDKs to help B2B platforms streamline financial workflows such as invoicing, payables automation, and expense management, reducing implementation time and cost significantly compared to in-house solutions. Monite already served some 28 clients across the EU, the US, and other regions.
Funding Details
Company: Monite GmbH
Raised: $6.0M
Round: Seed Round
Funding Month: February 2024
Lead Investors: Valar Ventures
Additional Investors: Third Prime
Company Website: https://monite.com/
Software Category: Embedded Finance Automation Solution
Source: https://tech.eu/2024/02/19/peter-thiels-valar-ventures-backs-berlin-based-fintech-monite/