An Israeli startup, Monto, that wishes to simplify and digitize B2B payments has received $9 million in latest funding.
Monto builds a synthetic intelligence (AI) connector for enterprise resource planning (ERP) systems for universal B2B payments. And it can use a giant a part of the funding money to start operations within the U.S.
Monto’s platform connects users’ ERP systems to its customers’ payment platform.
“Monto is a strategic decision for CFOs, futureproofing them against a landscape where most, if not all, customers will soon use portals,” says Maya Cohen, the corporate’s co-founder and CEO. “With Monto, getting paid by customers shall be fully automatic, an idea we call ‘zero-touch.’ And we reach achieving that by working with, not against, the portals, a crucial distinction.”
Monto gets latest funding
The funding comes from Scale Enterprise Partners with participation from Verissimo Ventures, F2 Enterprise Capital, Firsthand Alliance and Room40 Ventures. Monto will use the funding for its U.S. expansion and continued product development.
Monto’s AI connections between ERPs and accounts payable (AP) portals learn each customer’s invoicing requirements to make sure a payment flow for the supplier to significantly reduce manual workload, mitigate the danger of overdue payments and improve money flow management, the corporate says.
Monto serves large enterprises from various industries, including publicly traded firms like Shutterstock and TechTarget, in addition to technology firms like Miro and G2.
The corporate’s AI platform has helped suppliers receives a commission $1 billion through 1000’s of smart connections to different buyers in greater than 300 portals, Monto says.
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