API-first embedded finance workflows startup Monite has secured an additional $5 million, effectively doubling its seed funding round to a total of $10 million.
Third Prime led this latest investment, with contributions from S16, Audeo Ventures, and Long Run Capital. Monite empowers B2B platforms, marketplaces, neobanks, and vertical SaaS companies by enabling them to integrate finance automation features such as compliant account payable automation, invoicing, and expense management.
The German company offers an embeddable API that allows B2B software providers to address all of their customers’ business finance needs within a unified platform, enhancing customer retention and opening up new revenue opportunities.
Currently serving 10 clients, Monite plans to utilize the new funding to enhance its product features, expand payment and financial service integrations, and broaden its presence in the rapidly growing B2B payments market.
Ivan Maryasin, CEO of Monite, stated: “Digitalizing finance workflows through existing SaaS players is a game-changer, and we enable our clients to become an all-in-one financial OS for their industry.”
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