Momnt Raises $15 Million to Grow Lending and Financing Platform
Atlanta-based FinTech company Momnt has raised $15 million to grow its lending and financing platform.
Since its launch in 2020, Momnt has expanded its presence in the point-of-sale (POS) financing sector, beginning in the home improvement industry and then expanding into other verticals, the company said in a Wednesday (Sept. 6) press release.
“Momnt has been at the forefront of embedded lending innovation since its inception,” Sam Das, managing director of TruStage Ventures, which led the investment round, said in the release. “The team has proven to be a collaborative partner to its merchants and financial institutions, built on a foundation of leveraging the latest technologies to drive frictionless experiences for consumers.”
The company has continued to grow its team, having raised $16.5 million in previous funding rounds, according to the release. As part of its growth strategy, Momnt has expanded its team, adding Mark Satisky as chief financial officer and Dory Black as chief legal officer.
The newly raised capital will be deployed to further enhance Momnt’s platform, investing in its people, processes and technology, the release said. The company aims to revolutionize closed-loop, POS lending, enabling small businesses to broaden their customer base through flexible financing options with minimal friction.
The company’s leadership team remains committed to maintaining its growth trajectory and is actively seeking opportunities for expansion into new verticals, per the release. Geographic and product diversification are also planned as Momnt continues to explore new business horizons.
“Momnt is committed to shaping the future of financial technology by providing innovative solutions that empower businesses and customers alike,” Momnt CEO and Co-founder Barclay Keith said in the release.
The funding round comes on the heels of two partnership announcements by Momnt.
The firm teamed up with direct-to-consumer (D2C) lending platform Acorn Finance Aug. 8 to offer a lending solution for home improvement merchants. Acorn Finance has incorporated the features of Momnt’s financial technology.
In June, Momnt launched a financing partnership with online roofing company Roofle. The collaboration enables homeowners to obtain instant quotes, review offers and secure financing without leaving their homes.
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