Tallinn-based e-commerce startup Montonio has raised €11 million in a Series A funding round from Index Ventures. Using the funds, the company plans to launch its services in Poland, Tech.eu reports.
- Founded in 2018 by Kristofer Turmen and Markus Lember, Montonio offers a payment solution based on open banking. According to the startup, its solution significantly cuts costs compared to traditional mechanisms such as Visa or Mastercard.
- Montonio operates in Estonia, Latvia, and Lithuania.
- Index Ventures led the Series A round. It is an international venture capital firm investing in tech companies. The previous investors — Tera Ventures, ffVC, and Superangel — followed on the investment.
“Montonio addresses a really important but underserved piece of the e-commerce infrastructure – handling everything that happens from payment onwards. We’ve been impressed with the organic growth of the business, which is showing real demand and need for their product,”
Julia Andre from Index Ventures comments on the investment.
- Earlier, the company raised €2.5 million in a seed round from 365.Fintech in 2021. And in 2020, Montonio completed a pre-seed round at a €500,000 funding, according to Crunchbase.
- Montonio will spend the fresh funds to facilitate expansion to Poland.
