Monto, a Tel Aviv, Israel-based AI connector designed for any ERP, exited stealth with $9m in seed funding.
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.
The company will use the funding for its U.S. expansion and continue advancing its technology.
Founded by Maya Cohen (CEO), Nitsan Yerushalmi (CCO), Gabriel Wertheimer (CPO) and Yoav Shotland (CTO), Monto enables B2B finance teams to get paid from any AP portal used by their enterprise customers. Its AI-based platform learns each customer’s invoicing requirements to ensure a seamless payment flow for the supplier to reduce manual workload, mitigate the risk of late payments and improve cash flow management.
Monto serves large enterprises from various industries, including publicly traded companies like Shutterstock, TechTarget, and Miro, 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 company also announced the opening of a U.S. office in New York City.
FinSMEs
30/11/2024