Estonia, Tallinn-based Montonio has raised €11 million in a Series A funding round as it presses forward with its one-stop-shop checkout solution for e-commerce merchants and consumers’ mission.
In conjunction with the fresh lining of the coffers, the startup has announced the launch of its services in Poland, adding to the Estonian, Latvian, and Lithuanian collections.
The new funds will be used, in part, to drive expansion efforts even further afield later this year.
On the consumer front, the company is capitalizing on the prevalence of buy now pay later (BNPL) financing and offers consumers the ability to compare offers from multiple lenders in real-time.
According to the startup, when compared to bigger players, its solution reduces consumer credit costs by up to 50% and results in higher conversions for the merchant.
For merchants, the company offers a payment solution based on open banking, one that can cut costs by up to a factor of 100x when compared to traditional mechanisms such as Visa or Mastercard.
Montonio’s €11 million Series A round was led by Index Ventures with previous investors Tera Ventures, ffVC, and previously undisclosed Superangel following on.
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