Tallinn-based fintech Montonio raises $578K to compete with the traditional installment credit model
Estonian fintech Montonio finance has announced $578K in capital through a new pre-seed funding round. Montonio has raised in funding over 4 rounds. Their latest funding was raised on Jul 25, 2020, Crunchbase reports.
The investors in this round include Charlie Songhurst from Katana Capital and (previously) Google, and Triin Hertmann (former COO at TransferWise) and Martin Sokk (first head of product at TransferWise). Other investors in Montonio’s operations include Gorilla Capital (Finland), Practica Capital (Lithuania), Superangel (Estonia) and Jevgeni Kabanov (CPO at Bolt).
Founded in 2018 by the CEO Markus Lember and CTO Kristofer Turmen, Montonio offers a point of sales financing platform that lets online shoppers access various installment offers from competing creditors. Credit can be provided at more affordable rates when compared to what competitors are offering, the company claims. Consumers only have to fill out one credit application, in order to potentially qualify for these offers.
The company is planning to spend the proceeds for the competing with the traditional installment credit model and for the further developing point of sales financing platform. To date, Montonio is one of the fifteen companies that are taking part in the Mastercard Lighthouse program this year. The program is intended to provide the participants with direct connections to the biggest players on the market, include the opportunity to work with SEB, Swedbank, and Mastercard itself.