Monit is a customizable cash flow analysis, forecasting and guidance platform that banks provide to their business customers. So both can work smarter and power the success of the other.
Monit Closes $5 Million Financing Round
We're pleased to announce the closing of a $5.2 million round of pre-Series A financing led by TTV Capital, Runway Venture Partners, Correlation Ventures, William Ruh and Joe Proto.
Customer satisfaction of small-to-medium size businesses (SMBs) with their primary financial institution has been declining for years and churn is increasing, according to Aite Group and FIS.
Apps that focus on budgeting and cash flow abound for consumers, but the pickings are slim for business owners. Eastern Bank in Boston has set out to change this and Monit is helping.
Over 80% of customers view their business banker more as a salesperson than a guide. At the same time, bankers lack the views of their customers' finances they need to advise (and sell) most effectively. We unlock the data and value each party wants.
For Banks
Using a customer's general ledger data, we help banks better understand a customer's current and projected financial health. We enable the bank to anticipate needs, alert them when there's an opportunity to bring value and make it easier for them to engage, guide and sell.
"Giving businesses a product like this is a game changer. This is a great tool. It helps us compete and build initial goodwill with non-customers."
- Business Banker
For Businesses
Monit quickly links to a business's accounting software and gives the leaders of that business more clear views of current and predicted cashflow, revenue and profitability - plus timely, personalized financial insights and easy-to-use cash flow event modeling tools.
"I can quickly tell Monit about things I might want to do or events that might happen in the future. It then shows me, in real-time, the financial impact to my business in the short and long-term."
- Health & Wellness Business Owner
Recognition
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