Monit, a Boston fintech that has created a financial platform for small businesses, has become the first investment for JAM FINTOP Banktech, an investment fund that is targeting tech firms.
Monit said in a press release that the investment also includes a commercial partnership with the fund, which is backed by 66 small and midsize banks. JAM FINTOP Banktech is a created by JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, and FINTOP Capital.
The amount invested in Monit was not disclosed, though the fintech had previously raised $5.2 million.
“We are excited to add JAM FINTOP Banktech to our team of amazing investors,” Steve Dow, Monit’s CEO, said in the release. “The partnership goes well beyond investment. As a team of bankers and technologists ourselves, our visions are aligned in helping America’s business owners thrive and supporting the drive of community bankers to add value as trusted advisers to those businesses.”
“SMBs are woefully underserved by the large national banks, which gives regional banks like Valley an opportunity to step into the gap using modernization and innovation like Monit,” said Stuart Cook, chief digital product officer at Valley Bank. “There’s an opportunity for every bank to serve their SMB customers better using new tech and innovation but they don’t have the time or resources to build it.”