Monit Closes $5.2 Million Equity Financing to Power Banks’ Support for Small Businesses
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. Mark Johnson, TTV Capital General Partner, Anna Garcia, General Partner at Runway Venture Partners, and William Ruh, board member at nCino, will join the Monit board.
There are more than 5000 banks and 5000 credit unions in the US alone serving tens of millions of small and medium sized businesses (SMBs). While many established data sources exist to give banks information on the health and needs of large companies, banks have a huge data gap in serving SMBs. Monit helps small businesses thrive using the latest in patent-pending predictive technology, and provides banks with a high-level, holistic overview of the health of their aggregated portfolio of small-business customers, as well as digital tools to better serve those customers.
“We’re humbled and energized by the enthusiastic support from our investors, who all have deep fintech and bank channel experience,” said Steve Dow, CEO of Monit. “Through their relationships, we’ve already added more banks to our pipeline and can double-down on helping small businesses make better financial decisions in the context of their relationship with their bank and bankers.”
Monit creates strong connections between banks and their SMB customers. Banks provide the Monit tools to their customers, empowering them with predictive financial tools to better manage their business. Embedded into the bank’s digital experience, SMB owners can automatically forecast cash flow, monitor business vitals, and get personalized insights at their fingertips. For banks, the Monit bank platform provides much-needed data visibility and the ability to understand, target, and connect with small business customers with resources they need, when they need them.
“Now more than ever, we’re seeing the traditional banking model being challenged,” said TTV Capital’s Mark Johnson. “Predicting an SMB’s needs next month or next quarter is difficult enough for the business owner — and nearly impossible for their bank partners. This past year has been especially volatile and has demonstrated a need for better technology to serve SMBs who make up a meaningful portion of the U.S. economy. We’re excited to partner with Steve and the entire Monit team as they solve real problems for both business owners and the banks that serve them.”
Monit launched in 2020, and has already won numerous awards and coverage for its technology, including Finovate Best in Show, Aite Spotlight, and FinXTech Connect.
For more information about how Monit helps small businesses and the banks that serve them, go to: https://www.monitapp.io/product
About Monit
Monit is a Boston-based predictive intelligence technology company dedicated to the success of business owners and the banks that serve them. Monit’s founding team combines digital enterprise advice capabilities with real-world banking, small business, and regulated financial institution experience. Monit is privately funded with investment from TTV Capital, Runway Venture Partners, Correlation Ventures, the founders, notable individual investors and bank partners, and the principals of the Venture Capital Fund of New England (VCFNE). Learn more at www.MonitApp.io and engage with Monit on LinkedIn or Twitter.
About TTV Capital
Founded in 2000, TTV Capital is one of the longest active venture capital firms investing exclusively in fintech businesses that serve the widely varying needs of the financial services sector and consumers of financial products. The firm partners with entrepreneurs and creates value via knowledge, experience, and relationships to help companies achieve breakaway growth. TTV has offices in both Atlanta and Los Angeles.
