“The partnership goes well beyond investment. “We are excited to add JAM FINTOP Banktech to our team of amazing investors, and its community of LP banks to the Monit family,” said Steve Dow, CEO of Monit. Monit offers an innovative two-sided financial platform for both SMB owners and the banks who offer the technology to customers - a business guidance platform paired with advanced analytics that allows banks to provide cashflow tools, tailored insights resident in the bank’s digital experience, and solutions to acquire and deepen the bank’s relationships with SMBs. More than 80 percent of small businesses fail due to poor cash flow management, and while data sources are available to give banks information on the health and needs of larger commercial companies, the disparity when it comes to serving small and medium-sized (SMB) businesses is significant. Taken collectively, the $650+ billion of combined assets of the fund’s limited partner (LP) banks would make it equal to the fifth largest bank in the nation. The partnership will integrate Monit’s acclaimed mobile financial platform with community banks looking to embrace technology to grow business banking portfolios and be more competitive. JAM FINTOP Banktech is an investment fund from JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, and FINTOP Capital. As an extension of Monit’s previously announced $5.2 million round financing, the new agreement will include a new investment from JAM FINTOP Banktech and a commercial partnership that expands the reach of Monit’s capabilities to the investment fund’s extensive network of community banks.
12, 2021 (GLOBE NEWSWIRE) - Monit, the award-winning mobile financial platform for small businesses, announced it has signed an exclusive agreement with JAM FINTOP Banktech, a $150M investment fund designed to help accelerate technology adoption at community banks across the United States. Exclusive Agreement Positions Monit at the Epicenter of Community Banking EcosystemīOSTON, Oct.
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