Boston-based financial technology company Monit, which offers a mobile platform for small businesses, has partnered with an investment fund that supports community bank technology, giving Monit access to more than 60 community banks involved with the fund.

Monit said in a statement that it has signed an agreement with JAM FINTOP Banktech, a $150 million investment fund that helps accelerate technology adoption at community banks across the United States.

The new agreement is an extension of Monit’s previously announced $5.2 million financing round, the statement said, and will include a new investment from JAM FINTOP Banktech. JAM FINTOP Banktech is an investment fund from JAM Special Opportunity Ventures, an affiliate of Jacobs Asset Management, and FINTOP Capital.

The agreement also includes a commercial partnership that will allow Monit to provide its platform to the investment fund’s network of 66 community banks.

“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,” the statement said. “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.”

Monit launched its mobile small business platform a year ago, with Eastern Bank as its first partner. Eastern Bank is also one of JAM FINTOP Banktech’s limited partner banks.

The Monit platform is for small- and mid-sized business owners, as well as the banks that offer the technology to these customers. It provides a business guidance platform that is paired with advanced analytics, allowing banks to offer cashflow tools, insights tailored from the bank’s digital experience, and solutions to acquire and deepen the bank’s relationships with businesses, the statement said.

“We are excited to add JAM FINTOP Banktech to our team of amazing investors, and its community of LP banks to the Monit family,” Steve Dow, CEO of Monit, said in the statement. “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 advisors to those businesses. We are excited to further our existing LP relationships and work with the broader network to offer solutions with positive returns for both banks and their business customers.”

Monit Launches Partnership With Community Bank Fund

by Banker & Tradesman time to read: 2 min
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