Third Prime led the latest seed, with participation from S16, Audeo Ventures, and Long Run Capital.

Monite allows B2B platforms, marketplaces, neobanks, and vertical SaaS players to integrate finance automation features including compliant account payable automation, invoicing, and expense management.

Through its embeddable API, the German company says it enables B2B software providers to serve all of their customers’ business finance needs in a single platform, increase retention and get access to new revenue streams.

The firm, which currently has 10 clients, will use the new funding to develop product features, cover more payment and financial services integrations, and expand its reach in the growing B2B payments market.

Ivan Maryasin, CEO, Monite, says: "Digitalizing finance workflows through existing SaaS players is a game-changer, and we allow our clients to become an all-in-one financial OS for their industry."