Monk Raises $25M to Help Businesses Get Paid Faster

Today we are announcing a $25 million Series A co-led by Footwork and Acrew, with BTV returning from Seed. 

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Accounts Receivables (AR) is at $3T in the U.S. alone. AR is left behind. 

ERPs transformed operations. CRMs transformed customers. AP eliminated the manual work of paying bills. Getting paid stayed the same. Payments chased by hand. Deposits matched in spreadsheets.

What surprised us is how much of the AR pain was accepted as fact. 

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Every company is asking where AI can make a measurable difference. AR is the problem LLMs were built to solve.

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With our customers we invented a new category: intelligent collections. 

Most AR tools automate the easy parts and leave the hard parts to your team. We built for the hard parts: edge cases, portal uploads, PO mismatches, disputes. 

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Customers see a 40% average reduction in DSO, a 24% higher collections response rate, and 26 hours a month back in time savings.

We are grateful to our customers for the trust and are excited to continue to re-earn it every day.

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Category-defining companies are built by exceptional people. We are searching for ours. 

Frequently Asked Questions

How much did Monk raise in its Series A?

Monk raised a $25 million Series A. The round was co-led by Footwork and Acrew, with Better Tomorrow Ventures returning from the seed round.

Who invested in Monk's Series A?

The round was co-led by Footwork and Acrew, with Better Tomorrow Ventures returning from Monk's seed financing.

What does Monk do?

Monk is an AI-native invoice-to-cash platform that automates collections and cash projection. It pioneered the category of intelligent collections, built to handle the hard parts of accounts receivable such as edge cases, portal uploads, PO mismatches, and disputes. Monk manages more than $2 billion in receivables.

What results do Monk customers see?

Customers see a 40% average reduction in DSO, a 24 percent higher collections response rate, and 26 hours a month back in time savings.

Which companies use Monk?

Monk's customers include ElevenLabs, Profound, and Siro.

Worth reading next: AR From Seed to Series C: What Changes at Each Stage, Introducing Playbooks: A Workflow System for Intelligent Collections and How We Build: Duplication vs Premature Abstractions.