As our first #MonitMilestone, we are excited to announce the launch of our newly designed website. We wanted our website to better reflect all of Monit’s offerings and capabilities for both banks and businesses that help them grow together, and provide an easier way to engage with us online. Our redesigned website gives better access to information For Banks, For Businesses, About our team, Careers and our Blog. Continue reading to understand how the website will fulfill your needs.
In the For Banks section, we provide detailed information about how our platform provides deep, timely customer intelligence through real-time views…
BOSTON — Apr. 15, 2021 — Monit, the award-winning mobile financial platform for small businesses, announced that it has closed a $5.2 million round of pre-Series A financing led by well-known fintech fund TTV Capital. Runway Venture Partners, Correlation Ventures, and private investors William Ruh and Joe Proto also participated in the round. Monit will use the investment to expand and meet the high demand for its bank-focused services, to banks ranging from small community banks to top ten multinational banks. Monit will also add significant fintech expertise to its board of directors with this round. …
Want to learn more about Monit? Together with our partners at Eastern Bank, Greater Lynn Chamber of Commerce and other great organizations we are offering a series of free webinars designed to provide a brief, in-depth look at how what Monit does — and how it’s helping people like you better manage and grow their businesses.
To register, just click the date and time below that works best. (If you can’t make it, register anyway and we’ll send you a recording of the events):
Once again, the Monit team was thrilled to receive an invitation to demo at Finovate! This time in sunny (well, virtual) San Francisco. As with our award-winning Best of Show performance at FinovateFall we chose to release a slew of exciting new features.
The Big News
We were super excited to have Ashley Nagle Eknaian from Eastern Bank join us on the demo. You’ll have to watch the demo for the full context of Ashley’s appearance, but suffice to say we have some fans at Eastern! And, Monit was the only fintech demoing at Finovate that included a bank partner.
The Features
For nearly fifteen…
We’re excited to announce that Monit is SOC 2 Type I compliant! Committed to building trust with our partners, end-users, and the marketplace, we’re able to assure our customers of the highest standards of information security and protection.
Monit is a digital intelligence tool that empowers small-to-medium-sized businesses to manage cash flows and receive personalized, actionable financial advice all in one place, as an intelligence layer integrated with their existing accounting software. Monit is provided to business owners by their bank or credit union. With data and insights at the heart of the application, assuring that data is secured is…
Whew!!! Our first FinovateFall is in the books, and what a coming out party for Monit!
Prior to the event, we were thrilled to be selected as one of the demoing companies. We were immediately humbled to see who would be joining us on the “main stage” — several startups and public companies like Q2, Envestnet and Microsoft!
Nevertheless, the Monit team set an audacious goal of securing one of the coveted “Best of Show” awards. And, the team delivered! https://finovate.com/videos/finovatefall-digital-monit/
We enjoyed great conversations with many bankers during and since the event. It’s clear that Monit is striking a…
To paraphrase Hemmingway, “How do you lose customers? Gradually, then suddenly.”
Customer satisfaction of small-to-medium size businesses (SMBs) with their primary financial institution has been on a decline for years and SMB churn is increasing, according to Aite Group and FIS.
Until recently, this trend was driven by larger banks investing in business customer acquisition: premium offers, vertical expertise and, of course, new technological capabilities. Community and regional banks increasingly relied on “service” to stem the tide of customer attrition.
Fintech offerings for SMBs have historically been limited and quite niche. Conventional wisdom among bankers was that business banking was…
As we know, for purposes of PPP forgiveness eligible payroll expenses, non-owner employee eligible payroll expenses are capped at $46,154 per employee (maximum annual salary of $100,000 * 24/52). However, owner employees and self-employed individuals’ eligible payroll expenses are capped at a minimum of:
Sole Proprietorship:
- 2.5/12 (20.83%) of 2019 Net Income
- $20,833 (if 24 weeks; $15,385 if 8 weeks)
Partnership:
- 2.5/12 (20.83%) of 2019 Earnings from self-employment
- $20,833 (if 24 weeks; $15,385 if 8 weeks)
C-Corp:
- 2.5/12 (20.83%) of 2019
- Cash Compensation
- Retirement contributions paid by employer
- Health insurance premiums paid by employer
- $20,833 (if 24 weeks; $15,385 if…
Banking in 2020 has seen its share of market-changing events. A global pandemic alongside an exploding fintech market has created a new landscape of digital innovation, allowing banks and their customers to connect like never before.
Some are heralding 2020 as the year of true banking digital transformation (here, here, and here). There are certainly competing views (here), but the ideas are the same — forward-thinking banks are accelerating their digital innovation to meet the perceived needs of their customers.
When it comes to digital innovation, banks certainly have options. In the past few years, we’ve seen a ballooning fintech…
The FTE calculation was put in as a way to ensure that PPP loans given were used to maintain the same number of employees, as well as the same amount of pay as prior to COVID-19.
The U.S. Treasury defines an FTE (full time equivalent) as any employee who works 40 hours per week or more (one employee working 60 hours/week = 1 FTE; two employees each working 25 hours/week = 1.25 FTE). …
