Monto nets $9 million in Seed funding with promise to curb B2B payment “chaos”
Monto nets $9 million in Seed funding with promise to curb B2B payment “chaos”
The company helps B2B finance teams get paid from any AP portal used by their enterprise customers by creating smart connections between financial systems such as ERPs and AP portals
Monto, an AI connector designed for any ERP, has announced that it has emerged from stealth with $9 million in Seed to “bring order to B2B payments collection chaos.” The round was led by Scale Venture Partners with participation from F2 Venture Capital, Verissimo Ventures, Firsthand Alliance, and Room40 Ventures. Additional angel investors include entrepreneur Ariel Maislos and others from executive positions at Intuit, Plaid, Salesforce, and more.
With an increase in regulations worldwide encouraging businesses to establish their own e-invoicing platforms, companies will need to adopt e-invoicing, whether mandated by governments or from market leaders supported by the government. Monto helps B2B finance teams get paid from any AP portal used by their enterprise customers by creating smart connections between financial systems such as ERPs and AP portals. Its AI-based platform learns each customer’s invoicing requirements, ensuring easy payment flow for the supplier, reducing manual workload, mitigating risks of late payments, and improving cash flow management.
“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, CEO and co-founder of Monto. “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.”
The company already serves large businesses across a variety of industries, such as Shutterstock, TechTarget, Miro, and G2. To date, it has helped suppliers get paid close to $1 billion through thousands of smart connections to different buyers in more than 300 portals. According to Cohen, its customers use a variety of ERPs such as Workday, Quickbooks, SAP, and Microsoft Dynamics. “We support all of them so they can enjoy working from their preferred place,” she added.
