Fintech startup Montonio Finance raises €11 million and expands into new markets

The most significant investment in Montonio comes from Index Ventures, which has previously contributed to the success of startups such as Revolut, Adyen, and Farfetch. Montonio offers a one-stop platform for small and medium-sized businesses, solving the problem of reconciling different payments and subsequent services.

Markus Lember, CEO and co-founder of Montonio.
Markus Lember, CEO and co-founder of Montonio.
Domas Dieliautas, head of the Lithuania branch.
Domas Dieliautas, head of the Lithuania branch.
Daugiau nuotraukų (2)

Lrytas.lt

Apr 26, 2022, 1:17 PM, atnaujinta Apr 26, 2022, 1:20 PM

In less than a year of operations, the company has started working with 3,000 retailers and has achieved a market share of 10% in the Baltics and is now launching in Poland. In the markets in which it operates, Montonio is deeply integrated in the local payments and logistics infrastructure. This allows us to offer our customers the best service at the most competitive price.

Montonio Finance, an Estonian startup with operations in Lithuania, Latvia, and Estonia offering all-in-one e-commerce payment solutions has raised €11 million in funding. The company also announced its expansion into Poland and plans to enter more new markets this year. In preparation for this growth, the company is looking to expand its team across Europe.

Index Ventures is the main funder of the Series A platform, which offers businesses payment acceptance services and ensures a seamless process from shipment to delivery for e-commerce. Previous investors including Lithuanian Practica Capital, Practica, Tera Ventures, ffVC, and Superangel. Previous contributors to the success of the growing startup include executives from Wise, Pipedrive and Bolt, including Markus Villig, CEO of Bolt, and Myles Dawson, former CEO of Adyen, who is now joining the Montonio board of directors.

Montonio’s platform enables merchants to seamlessly accept bank payments and manage a range of e-commerce services, from financing to delivery and returns management, through a single integrated self-service system. The platform solves a common business problem in e-commerce, where companies are forced to use multiple systems, incurring higher costs or relying on solutions that are not tailored to their market.

„Small and medium-sized merchants typically receive standardised offers from traditional payment and logistics providers. In many cases, they are unable to accept part of the payments, are charged a premium for small amounts and have to combine many different solutions. This means that the business incurs higher costs and is unable to provide the highest quality customer service. We want to change that,“ says Markus Lember, CEO and co-founder of Montonio.

Montonio is one of the companies that have chosen to locate their payment institution in Lithuania. Domas Dieliautas, head of the Lithuania branch, appreciates the conditions for the development of financial technology startups here: „Lithuania has a well-developed infrastructure with many organisations, business centres, incubators and a forward-looking approach. It is very important for us to have an office and a legal entity here, as it is the largest market in the Baltic States and one of the leading countries in the world in terms of the conditions for fintech startups to grow.“

The company plans to use the investment to expand its capacity in Vilnius. The company is already actively looking for software developers, sales, anti-money laundering, compliance, and other specialists to join the team in the near future.

The company’s strength is that by using its platform, businesses can move away from multiple suppliers to accept direct transfers, buy now, pay later and other forms of payment. The customisability of the platform makes it easy to tailor it to specific local needs with a wide range of services, from shipping to goods and refunds.

„Montonio addresses a really important but underserved aspect of e-commerce infrastructure – everything that happens after payment. The organic growth of this business shows a real demand and need for their product,“ says Julia Andre, one of the partners at Index Ventures. Together with Jan Hammer, they are joining the startup’s board.

Myles Dawson, a former CEO of Adyen, who joins as an investor and board member, says investors are attracted by Montonio’s vision to provide a comprehensive e-commerce solution from the point of payment, which emphasises the shift from individual payment products to a new generation of next-generation e-commerce platforms that deliver more value to merchants and improve the customer experience.

Montonio already has more than 3,000 e-commerce merchant customers in the Baltics who use a variety of their solutions. The platform’s clients in Lithuania include brands such as Gera Dovana and Forum Cinemas. Last year, the company was shortlisted for two nominations at the Lithuanian Fintech Startup Awards organised by Rockit.

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