The platform helps business owners clearly see and continuously improve their current and future financial vitals. Monit puts visibility into current and future business vitals in the palm of the small business owner’s hand. bank, more than 80 percent of small business failures are due to poor cash flow management. For a limited time, small businesses under duress or challenged by PPP forgiveness will also have access, at no charge, directly at monitapp.io/free.Īccording to a study commissioned by a U.S. Monit is distributed through banks for their small business clients. Responding to the COVID crisis, Monit includes features every PPP borrower can use, including automatically monitoring transactions and providing guidance to optimize PPP forgiveness. Monit keeps business owners on top of their key financial numbers and forecasts cash flow using advanced, patent-pending predictive technologies packaged in an intuitive, mobile experience. 15, 2020 (GLOBE NEWSWIRE) - Monit, a mobile financial platform designed for small business owners, will launch today with a demo at Finovate Fall 2020. Monit Will Be Available Free of Charge to Small Businesses Impacted by COVID and Challenged by PPP Forgiveness ProcessīOSTON, Sept. Monit gives small business owners more control over their key financial numbers and helps maximize PPP loan forgiveness. However, they are testing direct sales and currently have a “lifetime free” offer at monit.io/free.Screenshots of Monit mobile app. The company is hoping to deliver to SMBs indirectly through partner FIs. Provides a PPP loan forgiveness tool (PR benefits, though only for Quickbooks users)įunding: $750k per Crunchbase (as Signal Financial Technology)īusiness model: Primarily B2B2C.Fully integrated (single-sign-on) option.Have a dedicated (white-labeled) financial companion available within weeks.Could serve as the cornerstone of fee-based premium account for SMBs.Great value-add to differentiate your business online/mobile banking.More benefits below: Monit benefits listed on its landing page at Eastern Bank PPP module this spring, which now includes a nifty “PPP forgiveness” piece.Integrated overdue invoice followup via email.Monit uses plain English descriptions to show biz owners “Money Owed to Me” and “Money I Owe”.AĬustomers hook Monit to their accounting software (currently limited to QuickBooks online) and Monit tries to keep its pricing simple with a flat-price model, generally in the six-figure range annually, that allows a bank to offer it to its entire customer base (or even prospects) without incurring additional per-client charges. The startup has a PPP loan forgiveness tool that’s especially important to businesses participating in this year’s PPP loan program. However, small businesses can sign-up directly, though the landing page to do so is not even mentioned on Monit’s homepage. It plans to primarily distribute through partners, initially financial institutions as well as other companies in the SMB financial management space. But its vision is much bigger, hoping to provide a virtual CFO that highlights pertinent financial info from any major accounting system. Monit provides cash-flow projections and financial monitoring for SMBs using Quickbooks. The company is currently raising money from several VCs as well as from strategic partners, including additional banks. Monit officially launched just a year ago (August 2019) and is rumored to already be closing in on $1M in recurring revenues, which would likey value it at $10M to $20M+ in today’s frothy fintech environment (depending on how much of that revenue is from its benefactor Eastern Bank, which holds an undisclosed stake). Can Eastern do it again with Monit? They are off to a great start.
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