An Israeli startup, Monto, that wants to simplify and digitize B2B payments has received $9 million in new funding.

Monto builds an artificial intelligence (AI) connector for enterprise resource planning (ERP) systems for universal B2B payments. And it will use a big part of the funding money to begin operations in the U.S.

Monto’s platform connects users’ ERP systems to its customers’ payment platform.

“Monto is a strategic decision for CFOs, futureproofing them against a landscape where most, if not all, customers will soon use portals,” says Maya Cohen, the company’s co-founder and CEO. “With Monto, getting paid by customers will be fully automatic, a concept we call ‘zero-touch.’ And we succeed in achieving that by working with, not against, the portals, an important distinction.”

Monto gets new funding

The funding comes from Scale Venture Partners with participation from Verissimo Ventures, F2 Venture Capital, Firsthand Alliance and Room40 Ventures. Monto will use the funding for its U.S. expansion and continued product development.

Monto’s AI connections between ERPs and accounts payable (AP) portals learn each customer’s invoicing requirements to ensure a payment flow for the supplier to significantly reduce manual workload, mitigate the risk of overdue payments and improve cash flow management, the company says.

Monto serves large enterprises from various industries, including publicly traded companies like Shutterstock and TechTarget, as well as technology companies like Miro and G2.

The company’s AI platform has helped suppliers get paid $1 billion through thousands of smart connections to different buyers in more than 300 portals, Monto says.

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