Monite, an automated financial management platform from Berlin, raised $5 million in a funding round, according to a report from Silicon Canals on Tuesday, February 22.
Monite said the new funds to create new automated products such as accounts payable (AP), invoicing, expenses, cash flow and analytics. The company will also add more team members and expand into more countries, including the UK and the US.
Co-founder and CEO Ivan Maryasin said Monite allows various service providers to become a “one-stop-shop”, offering various back-office tools. This is because companies have an online service that they use, between neobanks, vertical software providers or whatever.
The Monite platform will help unify some of these things, allowing platforms to integrate high-end financial automation features. The embeddable Application Programming Interface (API) will allow customers to automate financial functionality, compliant endpoint automation, billing and expense management on a single platform.
“It’s all fully integrated into the familiar interface and connected to other tools, providing a seamless customer experience,” Maryasin said. “Over time, Monite will also add contextual upsells of relevant financial services from major market players for things like invoice insurance, BNPL, invoice financing, factoring, etc., enabling businesses to meet the financial needs of their customers end-to-end.”
B2B, like other forms of commerce, is undergoing changes in the way it operates due to new levels of digitalization in society. PYMNTS wrote that as more AP and Accounts Receivable (AR) departments realize the benefits, they are embracing B2B digital payments.
See also: 80% of buyer-supplier transactions could be done electronically by 2025
B2B companies have historically relied on older paper-based processes like checks, but digitization has changed those processes. Eighty percent of buyer-supplier transactions could be electronic by 2025, underscoring the shift to digital.
Businesses have relied less on in-person contact throughout the pandemic and have become more comfortable accepting digital payments. They have also begun to rely more on virtual cards, which can add benefits such as visibility and control over expense management.