Monto Launches from Stealth with $9M Seed Funding to Enhance AI-Driven Payment Solutions
Emerging from stealth, Monto is poised to revolutionize how B2B payments are processed by leveraging cutting-edge AI technology to solve common payment challenges faced by suppliers and finance teams.
Company Name: Monto
Location: Tel Aviv, Israel; with a new U.S. office in New York City
Sector: Financial Technology, AI
Funding Details: Raised $9 million in seed funding. The round was led by Scale Venture Partners, with participation from Verissimo Ventures, F2 Venture Capital, Firsthand Alliance, and Room40 Ventures. Notable contributions also came from Ariel Maislos and top fintech angels from Intuit, Plaid, Salesforce, and more.
Purpose of Investment: The funds will be utilized for Monto's U.S. expansion and to further develop its innovative AI technology.
Leadership: Founded by Maya Cohen (CEO), Nitsan Yerushalmi (CCO), Gabriel Wertheimer (CPO), and Yoav Shotland (CTO).
Product and Innovation: Monto provides an AI-enabled platform that connects B2B finance teams directly to any AP portal used by their enterprise customers. The platform automates and streamlines the invoicing and payment processes, ensuring compliance with customer requirements and facilitating faster payment transactions. This reduces manual workload, decreases the risk of late payments, and significantly improves overall cash flow management.
Company Growth: Monto is already serving major enterprises across various industries, including Shutterstock, TechTarget, and Miro. The platform has facilitated nearly $1 billion in payments through its smart connections to over 300 different buyer portals. With its recent expansion into the U.S. market, Monto aims to broaden its impact and cater to a larger client base.
About the Company: Emerging from stealth, Monto is poised to revolutionize how B2B payments are processed by leveraging cutting-edge AI technology to solve common payment challenges faced by suppliers and finance teams. The company's commitment to innovation and customer satisfaction positions it as a potential leader in the fintech space.