Monite , an API embedded finance workflows startup, has introduced a solution for invoicing and accounting platforms to earn two to five times per user by helping their clients get paid 40% faster. While many SMBs facilitate their customer invoicing with finance platforms, invoice payments are still a hassle since they often arrive in an email inbox in PDF format and need to be paid manually.

This usually causes errors, extends the average collection period by up to 90 days, and creates cash gaps. To solve this problem, Monite introduces its Invoice Payment Links: a way in which SMBs can avoid chasing payments, get paid instantly and securely and maintain a cash-healthy business. As the press release mentions, the product is designed for accounting and invoicing platforms that can improve user experience and earn up to five times more revenue per user by getting additional commission from every invoice payment their customers receive.

With the solution, accounting and invoicing platforms can increase payment coverage to nearly 90% by offering their customers q range of payment options, based on capabilities provided by the most suitable vendors in the area: card and local payment methods (Stripe), Open Banking (Yapily), and other payment methods like BNPL coming in the future. Building a similar payment stack in-house usually means partnering with at least one provider per payment method and taking on compliance, anti-fraud, and other functions, while spending around USD 500k, hiring a specialised payments team, and dedicating over 1 year of work. Embedding Monite’s solution takes six days and the help of two developers.

Adding payments has historically been challenging as the platforms have to risk losing money on some transactions due to the ICC++ model that providers offer. Trying to solve this issue, Monite, offers blended rate pricing and takes over the risk of losing money, allowing platforms to earn a fixed fee per transaction. Alongside this, Monite takes over compliance and anti-fraud issues.

Monite’s steady rise Raising USD 1. 2 million in 2021 in a pre-funding round, Monite’s breakthrough came in February 2022 when it received USD 5 million in a funding round led by Point72 Ventures, and a number of well-known angels. The capital was used then to expand its business in UK and US.

Several months later, in July, the company partnered with Codat, a universal API for small business data, to integrate accounts payable (AP) and accounts receivable (AR) capabilities into its apps. Monite and Codat’s partnership allows Software-as-a-Service (SaaS) platforms and financial institutions to integrate invoicing and billing functionality into their offering, creating a connected and unified one-stop shop for businesses to manage their operations and their finances. The combination of Monite’s APIs for ready-to-run fintech apps and Codat’s API for integration to third party small and medium-sized enterprises (SME) apps, creates the potential for rapid launches of new apps that cater to a broad range of small and medium-sized businesses (SMB) needs in one place.

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