Montonio Finance
| ISIN | 🆔 |
|---|---|
| Founded 📆 | 2018 |
| Founders 👔 | Kristofer Turmen, Markus Lember, Karel Nappus, Henrik Rank, Karl Kristjan Kalluste, Rasmus Õisma |
Area served 🗺️ | Estonia, Latvia, Lithuania, Poland, Finland |
Key people | Johan Nord (CEO) |
| Members | |
Number of employees | |
| 🌐 Website | montonio |
| 📇 Address | |
| 📞 telephone | |
Montonio is an Estonian financial technology company that provides payment, financing, and shipping solutions to businesses. The company was founded in 2018 in Tallinn.[1] Montonio's platform enables e-commerce merchants to accept bank payments, handle financing, deliveries, and refund management through a single interface or an API integration.[1] The company serves over 7,000 online stores across five European markets, and approximately half of Estonian online shoppers have interacted with Montonio's platform.[1][2]
History
Montonio was founded in 2018 by Kristofer Turmen and Markus Lember, along with Karel Nappus, Henrik Rank, Karl Kristjan Kalluste, and Rasmus Õisma.[1][3] The company was initially built as an e-commerce financing solution that allowed online shoppers to receive several installment offers from competing creditors through a single credit application.[4]
In 2020, the company raised €500,000 in a pre-seed round from investors including Charlie Songhurst (formerly of Google), Triin Hertmann and Martin Sokk (former Wise executives), Finland's Gorilla Capital, Lithuania's Practica Capital, and Jevgeni Kabanov, CPO of Bolt.[4][5] The company was also selected for the Mastercard Lighthouse programme, a Nordic and Baltic partnership platform connecting fintech startups with major financial institutions including SEB and Swedbank.[5][6]
In November 2020, Montonio Finance UAB received a payment institution license from the Bank of Lithuania (license no. LB002007).[7]
In August 2021, the company raised €2.5 million in a seed round led by Tera Ventures, with participation from ffVC, 365.fintech, and angel investors including senior executives from Wise, Pipedrive, and Bolt. At this stage, Montonio had partnered with over 1,300 e-commerce merchants across the Baltic states.[3][8]
In April 2022, Montonio raised €11 million in a Series A funding round led by Index Ventures, with partners Julia Andre and Jan Hammer joining the board. Tera Ventures, ffVC, and Superangel also participated, along with Bolt CEO Markus Villig and former Adyen managing director Myles Dawson, who also joined the company's board.[1][9][10][11] In the same year, the company expanded to the Polish market.[1]
In June 2023, LHV Bank was selected by Montonio as a partner to enhance its e-commerce merchant services, providing API-driven infrastructure for streamlined refund processing, merchant account management, and instant EUR payments.[12] The Bank of Lithuania also extended Montonio's payment institution license that year, enabling the company to hold client funds and provide additional payment services.[13][14]
In February 2024, Inbank, a financial technology company with an EU banking license listed on the Nasdaq Tallinn Stock Exchange, entered an exclusive partnership with Montonio to provide buy now, pay later (BNPL) and installment payment services through Montonio's checkout platform in Estonia.[15] The partnership was subsequently expanded to Latvia and Lithuania in 2025.[16]
In August 2024, the company appointed Johan Nord, formerly of Swedish fintech Trustly, as CEO. Co-founder Markus Lember transitioned to the role of Chief Strategy Officer.[2]
In 2025, Montonio obtained PCI DSS Level 1 certification, the highest security certification in the payment card industry.[17] The same year, London-based Claret Capital Partners provided venture debt financing to the company as part of its Fund IV portfolio.[18]
Services
Montonio offers e-merchants a unified platform that enables, through a single interface:[1]
- accepting bank payments, card payments, Apple Pay, and Google Pay payments;
- offering buy-now-pay-later and installment payment solutions;
- managing shipments and returns.
Recognition
In 2022, British startup publication Sifted named Montonio as one of the ten fastest-growing Estonian startups.[19]
Montonio has appeared in the Sifted 250 ranking for two consecutive years, which ranks Europe's fastest-growing startups by revenue growth: 68th place in 2024 and 127th place in 2025.[18][20] In the 2025 Sifted DACH & CEE fintech leaderboard, Montonio was listed among the top ten fastest-growing fintechs in the region, with a two-year compound annual growth rate (CAGR) of 182.53%.[21]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "Montonio is building the payment and checkout solution to rule them all". TechCrunch. 12 April 2022. Retrieved 9 February 2026.
- ↑ 2.0 2.1 "Estonia's Montonio triggers leadership change with Johan Nord rising to CEO". FinTech Futures. 8 August 2024. Retrieved 9 February 2026.
- ↑ 3.0 3.1 "Tallinn-based Montonio raises €2.5 million to become Europe's checkout solution". EU-Startups. August 2021. Retrieved 10 February 2026.
- ↑ 4.0 4.1 "Estonian fintech Montonio raises €500K to compete with the traditional installment credit model". EU-Startups. July 2020. Retrieved 10 February 2026.
- ↑ 5.0 5.1 "Estonia Based Fintech Montonio Secures €500,000 In Capital To Further Develop Point Of Sales Financing Platform". Crowdfund Insider. July 2020. Retrieved 10 February 2026.
- ↑ "Mastercard Lighthouse program makes Estonia's Impact and FinTech startups grow". Invest in Estonia. Retrieved 10 February 2026.
- ↑ "Montonio Finance, UAB". Lietuvos bankas. Retrieved 9 February 2026.
- ↑ "Montonio Lands EUR 2.5M in Seed and Expands to Poland". ITKeyMedia. September 2021. Retrieved 10 February 2026.
- ↑ "Estonian fintech startup Montonio raises €11M Series A round led by Index Ventures". Silicon Canals. 12 April 2022. Retrieved 9 February 2026.
- ↑ "Montonio ups the ante, raises €11 million in Index Ventures-led round". Tech.eu. 12 April 2022. Retrieved 9 February 2026.
- ↑ "After Successful Expansion to Poland, Estonian Montonio Raises EUR 11M Series A and Develops Shipping Solutions". ITKeyMedia. July 2022. Retrieved 10 February 2026.
- ↑ "LHV Bank selected by Montonio to enhance API-driven e-commerce solutions". Fintech Global. 22 June 2023. Retrieved 10 February 2026.
- ↑ "Montonio names Johan Nord chief revenue officer". Finextra. March 2024. Retrieved 10 February 2026.
- ↑ "Montonio enhances fintech services with an extended Lithuanian Payment Institution License". Disruption Banking. 2 June 2023. Retrieved 9 February 2026.
- ↑ "Inbank turns to Montonio for BNPL offering in Estonia". Finextra. February 2024. Retrieved 10 February 2026.
- ↑ "Montonio and Inbank bring BNPL to Latvia". Finextra. February 2025. Retrieved 10 February 2026.
- ↑ "Montonio sai maksekaardistööstuse kõige rangema sertifikaadi". Digi PRO (Geenius) (in eesti). 1 December 2025. Retrieved 9 February 2026.
- ↑ 18.0 18.1 "Q1's most active venture debt providers". Sifted. 2025. Retrieved 10 February 2026.
- ↑ "The 10 fastest-growing Estonian startups in the past 12 months". Sifted. 2022. Retrieved 9 February 2026.
- ↑ "Sifted 250 – Europe's Fastest-Growing Startups 2025". Sifted. 2025. Retrieved 9 February 2026.
- ↑ "Meet the 10 fastest-growing DACH & CEE fintechs". Sifted. 2025. Retrieved 10 February 2026.
Category:Financial technology companies Category:Companies based in Tallinn Category:Financial services companies established in 2018 Category:Payment service providers
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