We’re excited to announce that Momnt has raised $15 million in follow-on financing, bringing the company’s total Series A funding to over $31 million.
The round was led by TruStage Ventures (formerly known as CMFG Ventures), and included participation from Saluda Grade Ventures and the newly formed $100 million Venture Capital fund of Rockefeller Asset Management ($12 billion AUM diversified investment firm, founded by the Rockefeller Family, wholly owned by Viking Global Investors. The fund is managed by Chris Randazzo, the former CIO of Morgan Stanley’s Institutional Wealth Management division).
Fintech Ventures Fund is proud to have led Momnt’s Seed Round in 2020, and we’ve been excited to see the company’s growth to over 200 employees and thousands of merchants and consumers served.
Let us extend our congratulations to the entire team at Momnt!
Press Release:
ATLANTA--(BUSINESS WIRE)--Momnt, a leading fintech company specializing in real-time lending and payment solutions for businesses, is announcing the closing of its latest capital raise, totaling $15 million. TruStage Ventures led the investment with participation from Saluda Grade Ventures, existing investors, and a new investment from a fund within Rockefeller Asset Management.
“Momnt is committed to shaping the future of financial technology by providing innovative solutions that empower businesses and customers alike," said Barclay Keith, CEO and Co-Founder of Momnt. "With this investment, we are better poised than ever to drive transformative changes in lending and financing and we're excited to welcome Rockefeller Asset Management as an investor."
Headquartered in Atlanta, Momnt launched its platform in 2020 in the home improvement industry and has since grown to become one of the preeminent market leaders in point-of-sale financing.
“Momnt has been at the forefront of embedded lending innovation since its inception,” said Sam Das, Managing Director of TruStage Ventures. “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. This capital raise will further establish Momnt as the best-in-class solution for point-of-need financing now and well into the future.”
Momnt has continued to grow the team fueled by its organic growth and the $16.5 million of capital raised in prior rounds from investors, including Yamaha Motor Ventures, Saluda Grade Ventures, and TruStage Ventures. Among the notable additions are Mark Satisky, who assumed the role of Chief Financial Officer, and Dory Black, who joined as Chief Legal Officer. Momnt will utilize the new capital to continue investing in its people, processes, and technology, further improving Momnt’s best-in-class platform.
“We're excited to partner with the Momnt team as they revolutionize the landscape of closed-loop, point-of-sale lending,” said Christopher J. Randazzo, Portfolio Manager at Rockefeller Asset Management. “Through Momnt, small businesses can seamlessly broaden their customer base using low-friction, flexible financing, resulting in truly remarkable outcomes. Barclay Keith and the Momnt team have consistently demonstrated their deep industry insights and groundbreaking solutions, and we look forward to collaborating with them as they embark on their exciting journey of growth ahead."
Momnt's leadership team is committed to maintaining the strong growth trajectory witnessed over the last four years. The company is looking to extend its presence into new verticals, capitalizing on industry opportunities. Simultaneously, as Momnt diversifies its business horizons, geographic and product expansion are also on the roadmap.
In addition to its business growth, Momnt has been recognized for its company culture, earning a spot on Inc. Magazine’s annual Best Workplaces list for 2023. Momnt was also named to Atlanta Business Chronicle’s 2023 Best Places to Work List. Additionally, Built In awarded Momnt a Best Place to Work in Atlanta in 2023, and a Best Midsize Place to Work in Atlanta in 2023 by Built In. The VIBE Awards also named Momnt as a best company to work for in the following categories: Health & Wellness, Office Life & Perks, Parental Benefits, Professional Development, and Vacation/Time Off.
If you’re a merchant interested in learning more about offering promotional financing, visit momnt.com. For career opportunities, visit momnt.com/careers or follow @getmomnt.
About Momnt:
Momnt is a state-of-the-art financial services technology platform that revolutionizes how merchants offer financing. Through Momnt’s embedded lending solution, businesses can effortlessly provide customers with diverse financing products, all delivered through a seamless and streamlined process. In a world where customer expectations are rapidly evolving, Momnt is at the forefront of innovation, empowering merchants to meet the range of financial needs of their customers.
About TruStage:
TruStage™ Ventures is the venture capital arm of TruStage. TruStage Ventures houses two investment funds, one focused on strategic investments and partnerships to connect fintechs with credit unions and financial institutions, and one focused on early-stage investments in fintechs with diverse founding teams. Built on the principle of “people helping people,” TruStage is a financially strong insurance, investment and financial services company that believes a brighter financial future should be accessible to everyone. Through our company culture, community engagement, and products and solutions, we are working to create a more equitable financial system that helps to improve the lives of those we serve and our society. For more information, visit trustage.com.
About Rockefeller Asset Management:
Rockefeller Asset Management serves institutions, financial professionals, and other institutionally-minded investors through equity, fixed income, and alternative solutions that seek out performance driven by a disciplined investment process. As part of the Rockefeller Capital Management ecosystem, Rockefeller Asset Management convenes global networks to generate insights and outcomes not commonly found in the investment community. With over 30 years of intellectual capital from pioneering global investing and ESG leadership, and decades of constructive shareholder engagement, Rockefeller Asset Management is committed to continually building partnerships and expanding its platform that seeks to put clients and their performance first. As of June 30, 2023, Rockefeller Asset Management has approximately $12 billion in assets under management.
Media Coverage:
AlleyWatch -“The Weekly Notable Startup Funding Report: 9/11/23”
Atlanta Inno - “Fintech startup Momnt raises $15M to expand lending platform”
Fintech Takes - “To a Hammer”
PYMNTS - “Momnt Raises $15 Million to Grow Lending and Financing Platform”