Estonia: Tallinn-based Montonio finance, has announced raising €500K in a new pre-seed round. The investors in this round include Charlie Songhurst (Katana Capital, ex-Google), Triin Hertmann and Martin Sokk (former COO and first head of product at TransferWise respectively), Gorilla Capital (Finland), Practica Capital (Lithuania), Superangel (Estonia) and Jevgeni Kabanov (CPO at Bolt).
Founded in 2018, Montonio a point of sales financing solution that allows online shoppers to receive several installment offers from competing creditors with a single credit application, from which the most suitable one can be chosen.
According to Montonio, the customer has very limited options when it comes to point of sales financing and is in most cases tied to the one creditor who has a partnership with the said merchant. Montonio acts as a credit marketplace, where the customer’s credit application is submitted to their partner creditors. Thus, the credit is provided at a much more competitive rate compared to the competitors. Unlike other hire purchase providers, such as Klarna, Montonio does not provide the credit themselves.