Germany-based fintech startup Monite announced in March 2021 that it has raised €1.1 million in a pre-seed funding round. The funding round participants include Tomahawk VC, Signals Venture Capital, InVentures and Runa Capital. Angel investors contributing in the round include Ralph Müller (ex-Deutsche bank board), Lars Stoy (Postbank board member), Alfred Schorno (ex-Global Head of FX Trading and Sales at Commerzbank), Cornelius Walter (former Managing Partner for McKinsey Central Europe), Bas Godska (General Partner of Acrobator VC).
The startup will use the proceeds from the funding round to improve its platform and open new product lines by the end of 2021.
Monite was founded in 2020. It has developed a finance management platform that automates the admin and accounting processes for SMEs by connecting to the company’s bank accounts to invoice clients, manage employee expenditures, handle incoming bills and complete accounting right within the system. The platform can easily prepare a Datev export for tax submission by auto-mapping everything for accounting, and can also deal with the tax accountant’s questions over a chat. Monite combines accounting and admin tools in one platform, saving time and significantly reducing costs. Additionally, Monite saves and classifies documents in a tax-compliant way and provides a full finance outline of the company.
CEO Ivan Maryasin said before launching the platform they had studied more than 300 SMEs and freelancers across Europe and found 76.5% of them prefer to use one platform for the admin needs, rather than constantly moving between 5 or 6 narrowly-focused tools. With Monite they strive to replace all those tools, saving 50% of both time and money and boosting productivity, he concluded.
Cédric Waldburger, Founder of Tomahawk Ventures said their firm is very excited to share their expertise in realizing ambitious growth strategies with Monite. He added that he has personally experienced the pain points that Monite solves. He was quoted to have said, “I know how time-consuming the systems and tools are that SMEs use for all their financial and accounting. Monite has taken on a big task which they’ll tackle via the product’s own growing functionality and through its ability to integrate with third-party software. The technology in combination with the experienced founding team has convinced us.”
Currently, Monite builds a financial assistant for SME owners and automates operational tasks for freelancers and companies up to 100 employees across multiple industries. It is planning to launch the platform later this year and the team has opened a waitlist on its website.
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