Backers include Scale Venture Partners, Verissimo Ventures, F2 Venture Capital, Firsthand Alliance and Room40 Ventures, as well as serial entrepreneur Ariel Maislos and angels from Intuit, Plaid and Salesforce.
At Monto, we couldn’t be more thrilled to announce we’re exiting stealth with $9 million in seed funding to build the future of B2B payments!
Our round was led by Scale Venture Partners, with participation from Verissimo Ventures, F2 Venture Capital, Firsthand Alliance and Room40 Ventures. An all star lineup of angels also participated, including serial entrepreneur Ariel Maislos and fintech angels from executive positions at Intuit, Plaid, Salesforce and more.
Exiting stealth marks a significant milestone for us. Already, Monto has enabled B2B finance teams to get paid close to $1 billion from any AP portal their enterprise customers use. With this round of funding, we’re opening our first U.S. office in New York and will continue innovating to bring B2C convenience to B2B payments — ultimately making getting paid from business customers as easy as tapping a card.
Monto’s technology is truly revolutionary. Currently, collections teams everywhere are overwhelmed with managing multiple customer portals, each with its own invoicing requirements and manual logins. In a world where regulatory frameworks are pushing businesses to establish their own e-invoicing platforms, these portals are here to say.
Monto makes it easy to get paid from portal customers for the first time. Our platform has out-of-the-box connections with 300+ AP portals, giving customers a beautiful dashboard with all their invoices, POs, and payment in one place. Since Monto takes care of everything from invoice submission to collecting payments, it significantly reduces the margin of error and manual workload, mitigates the risk of late payments, and improves overall cash flow management. The best of all? All it takes with Monto is just one click for companies to get paid.
Our work and service speak for themselves. A number of large enterprises from various industries are currently being served by Monto, including publicly traded companies such as ShutterStock, TechTarget, and Miro, as well as tech companies such as Miro and G2. Working with Monto also brings significant value for businesses and fintechs — including faster payment collection, less manual work, and consolidated financial data.
“Monto is a strategic decision for CFOs, future-proofing them against a landscape where most, if not all, customers will soon use portals,” said Maya Cohen, our CEO and co-founder. “With Monto, getting paid by customers will be fully automatic – a concept we call ‘zero-touch‘ and we succeed in achieving that by working with, not against, the portals — an important distinction.”
Monto functions as an add-on on top of any leading ERP, and includes a robust integration with NetSuite. “Our customers use a wide range of ERPs, such as Workday, Quickbooks, SAP, Microsoft Dynamics and more. We support all of them so they can enjoy working from their preferred place,” adds Maya.
Here’s what our investor, Alex Niehenke, Partner at Scale Venture Partners, has to say: “Our investment in Monto is the result of years of work focusing on the CFO suite and the intersection with procurement. We are very well aware of the evolution of and pain points in this trillion-plus dollar market. Monto is the only company that solves the one-off workflow problem for AR [Accounts Receivable] teams. It is the missing piece for any AP [Accounts Payable] platform–without it, suppliers suffer.”
This round of funding is just the beginning. Stay tuned for more exciting updates from our team!
About Monto
Monto is the first-of-its-kind AI connector designed for any ERP, enabling B2B finance teams to seamlessly get paid from any AP portal used by their enterprise customers. The platform connects Monto’s customers’ ERP systems to their customers’ payment platforms and brings these businesses into the future of B2B payments, where getting paid is a one-click process. Founded in Tel Aviv, with employees throughout the world, Monto is backed by Scale Venture Partners, Ariel Maislos, Verissimo VC, and F2 Ventures. Learn more at www.montopay.com.
