Float speeds up onboarding and credit analysis with Monto
Published March 14, 2023
Float is on a mission to give SaaS and subscription businesses easy access to non-dilutive capital. The company recently partnered with Monto to access key financial data on customers in Sweden, in real time.
Founded in 2019, Float has pioneered a funding alternative tailored to fast-growth SaaS businesses. The company’s founders recognised that the funding process for most SaaS businesses tends to be slow, antiquated or hard to access.
At the same time, venture capital is hardly an ideal option in many cases.
“If your growth engine is working and you need capital to accelerate the business, then a non-dilutive loan from Float can be fantastic. The business doesn’t have to give up equity or board seats, or be in a perpetual fundraising mode,” says Jannis Koehn, co-founder and CFO at Float.
The foundation of Float’s service is an easy, intuitive user journey. Looking to enhance it further, Float turned to Monto’s financial data API.
“We’re obsessed with the customer experience. Our goal is to make funding as easy as using a SaaS product. This really pushed us to look for solutions that make the application process as easy as possible, throughout the lending journey.”
Making financial data sharing fast and effortless
Float’ focus market is the Nordics, and the company is also present in the Netherlands, Germany, Switzerland and the Baltics. The lending challenger currently has a SEK 1bn credit facility available for SaaS and subscription businesses in those markets.
Through Monto’s API connectivity, Float can perform a sound credit analysis on its customers based on information from accounting software.
With income statements, balance sheets and other financial metrics synced automatically, Float has been able to drastically improve its data collection. This results in a better user experience, saving customers the hassle of emailing financial statements back and forth.
“The process of sharing financials is very easy with Monto. Our applicants can grant access to their accounting software in seconds. This allows us to provide an integrated user journey to the customers who are open to sharing their accounting data,” says Jannis Koehn.
Monto’s service also supports Float in the credit assessments of both new and existing borrowers. Float’s customers can borrow a certain share of their ARR through a flexible credit line that grows in line with the company’s revenues.
“Monto’s solution makes it easier for us to process financial data, because it comes exactly in the format we need – standardised and categorised. The solution also allows us to follow up on the performance of existing borrowers, which makes granting additional loans through the credit line more convenient.”
Visual interface makes sense of API data
Monto recently launched an app that makes financial metrics from the API available in one view. Float’s team values this feature because it enables the credit team to quickly gain an understanding of a business’ financial status – without having to involve developers to set up an API.
“Many financial data companies offer APIs only, which might work well for clients with dozens of software developers. But this makes it more difficult for people in credit or commercial roles to get a feeling for the product. Monto’s visual interface solves that.”
What Float appreciates about Monto’s service:
* Real-time data integrations replace manual data uploads
* Standardised data makes it easier to analyse financial performance
* Clean and easy-to-understand documentation
* Extensive coverage of the Swedish market
* Not just an API – visual interface provides an easy overview
Float specializes in non-dilutive growth capital for European SaaS and subscription companies and offers up to 70% of their ARR as part of a transparent and flexible credit facility. The sign-up is fast and simple, and Float takes no shares, warrants, or personal guarantees by the founders. Sign up today to learn more!
Visit Float’s website: gofloat.io
Monto helps Nordic SME lenders harness the power of real-time data. We combine smart technology and deep industry know-how to help fintechs, banks, lending brokers and BaaS platforms make better credit decisions, streamline processes and enhance the customer experience.
Our API unlocks instant access to up-to-date income statements, ledger quality, financial ratios, and more – fetched from leading accounting software providers in Sweden. We also provide a visual interface that allows credit teams to gain a comprehensive financial understanding of their connected borrowers.