Monite, an automated finance management platform from Berlin, has raised $5 million in a funding round, according to a Tuesday (Feb. 22) Silicon Canals report.
Monite said the new funds to make new automated products like accounts payable (AP), invoicing, expenses, cash flow and analytics. The company will also add more team members and expand into more countries, including the U.K. and the U.S.
Co-founder and CEO Ivan Maryasin said Monite allows various service providers to become a “one stop shop,” offering various back-office tools. This comes as companies have one online service they use, between neobanks, vertical software providers or something else.
The Monite platform will help to unify some of those things, letting platforms integrate high-end finance automation features. The embeddable application programming interface (API) will let customers automate finance features, compliant AP automation, invoicing and expense management on one platform.
“All of that is fully embedded into the familiar interface and connected with other tools, providing a seamless customer…
