NEW YORK--(BUSINESS WIRE)--Monto, the first-of-its-kind AI connector designed for any ERP, today exited stealth with $9 million in seed funding to bring order to B2B payments collection chaos. Monto enables B2B finance teams to seamlessly get paid from any AP portal used by their enterprise customers. The company also announced the opening of a U.S. office in New York City.
The round was led by Scale Venture Partners with participation from Verissimo Ventures, F2 Venture Capital, Firsthand Alliance and Room40 Ventures. Serial entrepreneur Ariel Maislos and fintech angels who come from executive positions at Intuit, Plaid, Salesforce and more also participated. Monto will use the funding for its U.S. expansion and continue advancing its technology to make the collection of B2B payments–mostly ACH and RTP–as easy as tapping a card.
Regulations worldwide are pushing businesses to establish their own e-invoicing platforms. According to Deloitte, companies worldwide will adopt e-invoicing, whether mandated by governments in the case of Europe, or from market leaders supported by the government. In this new B2B world, suppliers must integrate with each customer's payment software, each with its own complex logins and workflows, creating endless chaos for payment collection teams that can severely impact cash flow and working capital.
Monto has created smart connections between financial systems, primarily between ERPs and AP portals. Its AI-based platform learns each customer’s invoicing requirements to ensure a seamless payment flow for the supplier to significantly reduce manual workload, mitigate the risk of late payments and improve cash flow management.
“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,” said Alex Niehenke, Partner at Scale Venture Partners. “Monto is the only company that solves the one-off workflow problem for AR teams. It is the missing piece for any AP platform, without it, suppliers suffer.”
Monto serves large enterprises from various industries, including publicly traded companies like Shutterstock and TechTarget, as well as tech companies like Miro and G2, and has already helped suppliers get paid close to $1 billion through thousands of smart connections to different buyers in more than 300 portals. The platform brings significant value, drastically reducing Days Sales Outstanding (DSO), eliminating manual work in portals and consolidating financial data that was once scattered across numerous sources.
“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.”
Monto was founded by Maya Cohen, CEO; Nitsan Yerushalmi, CCO; Gabriel Wertheimer, CPO; and Yoav Shotland, CTO. Maya and Nitsan, who previously worked as ERP implementors and collectors in finance departments, built Monto's MVP with a $15 budget while studying entrepreneurship in university. Meanwhile, Yoav and Gabriel, both software developers, were focused on their own payment startup. The four met three years ago and joined forces, combining their skills in finance and tech to create Monto with a mission to solve B2B payments for good.
Monto sits on top of any leading ERP, including 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,” said Cohen.
To learn more about Monto go to www.montopay.com. If you’d like to join the future of getting paid, we’re hiring enthusiastic go-to-market and sales professionals in the U.S. and Israel, for open roles go to https://montopay.com/career-in-monto/.
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.
