FinovateWest 2020 / Monit
Presenter Profile:
How they describe themselves: Monit is a company devoted to the well-being of small businesses and the people that lead them. We are a team of technologists, bankers, and small business owners that apply the latest in predictive science and human-centered design to bring true financial firepower to small businesses. We partner with forward-thinking banks and other partners serving small businesses to weave Monit’s capabilities into their customer relationships and digital experiences. See more at https://monitapp.io/product.
How they describe their product/innovation: Monit is a predictive cashflow and financial optimization mobile platform provided by banks and other partners to their small business customers. Monit connects to any accounting package, and reveals past — and future — cashflow and financials, helps navigate COVID-19 impacts, maximizes PPP forgiveness, and prompts key actions, insights, and planning with a patent-pending engine that learns over time. For the sponsor, Monit enables the bank to become a trusted advisor and provide smart, predictive banking. See more at https://monitapp.io/product.
Product distribution strategy: Through financial institutions, through other fintech companies and platforms, licensed
Contacts
Bus. Dev.: Sean Collins, Head of Development, sean@monitapp.io, 617-448-8700
Press: Chris Fucanan, chris@aqualabpr.com, 916-684-9781 & Kim Abreu, kim@aqualabpr.com
Website: monitapp.io/free
LinkedIn: linkedin.com/company/monit-fintech
Twitter: @MonitApp_io
HQ: Boston, MA
Founded: August 2019
Product Demoed: Monit
Metrics: Key investors: co-founders, principals of the Venture Capital Fund of New England and Hyperplane VC, Eastern Bank, notable angel investors; 2020 YE Estimated Annual Recurring Revenue: $1M+; Traction: Launched Eastern Bank implementation of Monit; additional bank distribution deals underway launching into 2021; five additional distribution agreements in negotiations; IP: Patents pending on predictive cashflow platforms which combine algorithmic projections using historical data, heuristics, and human guesses and certainty regarding future events.
- Key Executives
Steve Dow (CEO & Co-Founder), Sean Collins, Co-Founder & Head of Development, Dave Batista (CX Strategy), John Calabrese (Head of Product)
Key Stats
- Key Board Members
Ashley Eknaian (Chief Digital Officer, Eastern Bank), Carl Novotny (VCFNE), Jack Klinck (Hyperplane VC), Steve Dow (CEO & Co-Founder, Monit), Sean Collins (Head of Development, Monit)
- Key Investors
Eastern Bank, Principals of the Venture Capital Fund of New England and Hyperplane VC, notable private investors, Steve Dow, Sean Collins
- Key Advisory Board Members
Robert “Bob” Mahoney (fmr. Vice-Chairman, Citizens Bank & private bank investor)
- Key Partnerships
Eastern Bank, Codat, MERGE, TransUnion
- Key Customers
Eastern Bank