Estonian FinTech platform Montonio, which lets users compare loans, has reportedly raised €500,000 in pre-seed funding.
Contributions to the round came from Gorilla Capital, Practica Capital, Superangel, Katana Capital founder Charlie Songhurst, former TransferWise COO Triin Hertmann. and former TransferWise head of product Martin Sokk and Bolt CPO Jevgeni Kabanov, according to a report from EU-Startups.
Montonio is a point-of-sale financing solution, which lets users pick a loan option for how they would like to spit the payment. A user is able to compare loan options and repayment terms from a number of lenders.
Montonio is one of the 15 companies partaking in the Mastercard Lighthouse accelerator programme this year, the article said.
There has been a total of $1bn invested into the Baltics FinTech sector, FinTech Global data shows. However, the capital being deployed to the region has been in decline since 2017, dropping from $600.7m to just $45.7m in 2019.
The first quarter of 2020 suggests the decline could be over, with $26m invested. With the current pandemic, it will be interesting to see how much can be raised by companies in the space, but it looks set to break the $45.7m raised in 2019.
Estonia is responsible for the largest portion of funding in the Baltics, with it roughly accounting for 62% of the total number of deals between 2016 and 2020.
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