Montonio, an all-in-one platform for digital retailers, raised €11 million ($12 million) in a Series A funding round led by Index Ventures, the company announced Tuesday (April 12).
Previous investors Tera Ventures, ffVC and Superangel also participated in the round. Montonio has also been backed by senior executives from Wise, Pipedrive and Bolt, including Bolt’s CEO Markus Villig, Chief Product Officer Jevgeni Kabanov and Adyen’s former managing director Myles Dawson, who is joining the board.
Julia Andre and Jan Hammer, partners at Index Ventures, are also joining the board.
The startup offers online merchants the ability to accept payments, extend financing, handle shipping, process returns and issue refunds. Montonio’s end-to-end platform uses a single, self-serve application programming interface (API) integration to give merchants the ability to accept bank payments and handle a range of eCommerce services.
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“Small to midsize merchants get a raw deal from traditional payments and logistics providers,” said Markus Lember, CEO and co-founder of Montonio. “Often they’re unable to accept local payment methods, are charged a premium for lower volumes, and must piece together many different solutions.
“This means they face higher costs, and can’t deliver top-quality customer service. We have decided to change that.”
According to the news release, with Montonio’s solutions and open banking standards, there is no need for additional layers in order for companies to accept direct debits, buy now, pay later (BNPL) and other forms of payment.
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Justinas Kodžius, head of eCommerce at Gera Dovana, is part of the 3,000 merchants who have adopted Montonio. He said that of the many payment firms they considered, “Montonio is by far” the best they found that was available.
“Montonio dramatically reduced the fees we pay to accept payments, and at the same time improved the end-user experience we can offer to our customers,” Kodžius said in the release.
Part of the fresh capital will go towards the company’s launch of its offering in Poland and adding to its existing presence in Estonia, Latvia and Lithuania. Montonio also is planning to expand its workforce across Europe.
