Nowadays, almost no tech company builds all the parts of, say, an app or web platform themselves. They mix and match, using libraries and tools from various suppliers in order to put together a new product. A bit like a car manufacturer – Ford or Volkswagen don’t build wheels or even steering wheels themselves, they source all the components from different specialists and assemble them into a vehicle.
Small and medium sized businesses, especially ones that sell to other businesses rather than to consumers, have a pain when it comes to invoicing and making sure invoices have been paid. There is still a lot of manual work involved in such operational processes. The platform Monite does not provide a solution to these SMEs themselves, but to companies addressing such a clientele. If you’re building a tool for payment or financial services, then you don’t need to start from scratch. You can effectively white-label the components you need from Monite.
Monite is backed by people who helped launch Klarna, Mollie, and PayPal, so they have considerable expertise when it comes to the complexity of payments. Now Monite has closed two seed deals in quick succession, raking in a total of $10M (approximately €9.3M), as Silicon Canals reports. They’ll use the money to further develop their embeddable API, with which its customers can integrate compliant account automation, invoicing, expense management, and other automated finance features into their own products for their customers.
