Monite, a Berlin, Germany-based finance management platform that automates the admin and accounting processes for SMEs, raised €1.1M in pre-seed funding.
Backers included Tomahawk VC, signals Venture Capital, InVentures and Runa Capital. Ex-Deutsche Bank board Ralph Müller, Postbank Board Member Lars Stoy, ex-Global Head of FX Trading and Sales at Commerzbank Alfred Schorno, former former Managing Partner for McKinsey Central Europe Cornelius Walter, General Partner of Acrobator VC Bas Godska and other top investors joined the round as angels.
The company intends to use the funds to improve the platform and open new product lines by the end of 2021.
Built by ex-Penta Head of Growth, Ivan Maryasin and Andrey Korchak, former Tech Lead of Tochka bank (one of the biggest SME neobanks in CEE), Monite is an all-in-one financial management platform for SMEs that automates up to 90% of accounting and admin tasks. The system lets companies do banking, invoice clients, receive & pay incoming bills, log expenses and pay reimbursements – all in one interface. Monite then auto-maps all documents to transactions and hands the information over to the tax advisor.
Monite connects to the company’s bank accounts, allowing to invoice clients, manage employee expenses, handle incoming bills and do accounting right within the system. Auto-mapping everything for accounting, the platform can easily prepare a Datev export for tax submission and allows to deal with tax accountant’s questions over a chat. In addition, the solution saves and organizes documents in a tax-compliant way and provides a full finance overview of the company.