Estonia, Financial Services, Good for Business, Investments, Technology

Markus Lember, one of the founders and CEO of Montonio, told DigiPRO that the company is planning to expand beyond its current markets of Estonia and Lithuania.

"We haven't decided 100 percent yet where we will go, but four to five markets is realistic. Two still before the end of this year and one at the beginning of next year," he said.

Altogether 11 investors from four countries took part in the round, including Charlie Songhurst of Katana Capital, ex-Google, and former Transferwise COO Triin Hertmann and first head of product at Transferwise Martin Sokk.

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.