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Index Ventures backs €11m series A for payments fintech Montonio

Estonia-based Montonio wants to improve the payment and post-checkout experience of online merchants.

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Markus Lember, CEO and co-founder of Montonio.

Most payments firms concentrate on the process of swapping money for goods or services. Montonio, a new fintech firm from Estonia is interested in everything after. 

Montonio says it is an ‘all-in-one’ platform for online merchants to accept payments as well as offer financing and handle the post-checkout experience from shipping to returns and refunds.

The company, which was co-founded by Markus Lember, Karel Nappus, Kristofer Turmen Henrik Rank, Karl Kristjan Kalluste and Rasmus Õisma, has just raised €11m in its Series A funding round.

Index Ventures lead the round while Montonio’s existing investors Tera Ventures, ffVC and Superangel participated in the round. Montonio has also been backed by senior Wise, Pipedrive and Bolt executives, including Bolt’s CEO Markus Villig, CPO Jevgeni Kabanov, and Adyen’s former managing director Myles Dawson who is joining the board.

About 3,000 merchants across the Baltics have signed up since its launch in 2021 allowing them to accept bank payments - via an API integration -  with Montonio handling a range of ecommerce services, from financing to deliveries and refund management.

“Small to midsize merchants get a raw deal from traditional payments and logistics providers. 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,” said Markus Lember, CEO and co-founder of Montonio.

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