Berlin-based fintech Monite recently received seed funding of six million US dollars (equivalent to 5.5 million euros) from Peter Thiel's investment fund Valar Ventures.
The startup was founded in 2020 by Ivan Maryasin and Andrey Korchak and supports neobanks and small and medium-sized enterprises in automating accounting processes.
Writing invoices, sending offers and keeping track of payment transactions is something that basically every company has to do. However, while this was previously mainly done via manually typed emails, complex spreadsheets and messaging systems, Monite's software handles the processes automatically.
Users can send prefabricated emails and invoices at the click of a button by simply exchanging recipients, goods and services. Signatures are digital. The startup compiles open payments and completed transactions in an overview.
Before CEO Maryasin founded his own financial start-up, he worked at the Berlin fintech Penta until it was acquired by the French unicorn Qonto.
"We researched what businesses value and found that many companies want better financial automation and management to save time on paperwork and invoices," Maryasin told Business Insider US.
"Most businesses have data systems, but they're often segmented, which means small businesses might have five different services, which costs them a lot. So we understood their desire to have everything in one place."