Accounting startup Monite said to raise pre-seed funding to support product development

Automated accounting company Monite has reportedly netted €1.1m in a pre-seed funding round, which will help it launch new product lines later this year.

The capital was supplied by Tomahawk VC, Signals Venture Capital, InVentures and Runa Capital, according to a report from Incubees. A number of angel investors also contributed to the round, including former McKinsey Central Europe managing partner for Cornelius Walter and Acrobator VC general partner Bas Godska.

The FinTech enables companies to connect all of their bank accounts, run invoices, expenses and payments in a single location. Its holistic platform claims it can replace more than 10 accounting tools to streamline processes.

With the funds, the company plans to release new products this year and make enhancements to its existing suite.

Monite CEO Ivan Maryasin told Incubees, “Before launching the platform we’ve 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 switching between 5 or 6 narrowly-focused tools.

“With Monite we strive to replace all those tools, saving 50% of both time and money and boosting productivity.”

Earlier in the week, Elucidate reportedly closed its pre-seed funding round on €2.5m. The company provides financial institutions with tools to simplify their FinCrime management and risk monitoring.

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.