Copenhagen-based fintech Monthio has raised € 11.4 million (DKK 85 million) in a Series A funding round, backed by North Ventures, Harmar, and Danmarks Eksport- og Investeringsfond (EIFO). The funding comes as new EU regulations make Monthio’s automated credit assessment platform increasingly relevant, driving significant growth for the company.
Monthio’s SaaS platform, utilizing AI and advanced data analysis, automates credit assessments with high precision, ensuring fairer lending conditions and improving customer experiences. The solution is already in use by 9 out of 10 of Denmark’s largest banks, processing over 2.5 million loan applications annually.
“Monthio has quickly become a leader in the market with their innovative SaaS platform, which uses artificial intelligence and advanced data analysis to enable banks and other lenders to automate credit assessments with great precision and in accordance with the latest EU regulations,”
said Jacob Enevoldsen, founding partner at North Ventures
The funds will support Monthio’s continued growth and aim to further enhance their capabilities in compliance with EU regulations. Since its founding in 2018, Monthio has established itself as a key player in the fintech sector, with a vision to create a more inclusive and efficient financial system.
