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. Embedded into the bank’s digital experience, SMB owners can automatically forecast cash flow, monitor business vitals, and get personalized insights at their fingertips. Banks provide the Monit tools to their customers, empowering them with predictive financial tools to better manage their business. Monit creates strong connections between banks and their SMB customers. “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.” “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. 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.

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. 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). 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. Monit will also add significant fintech expertise to its board of directors with this 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.

Runway Venture Partners, Correlation Ventures, and private investors William Ruh and Joe Proto also participated in the round. 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.

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