Montonio raises €11m to improve payment and post-checkout experience of online merchants




  • Index Ventures, the VC backer of Adyen, Farfetch and Revolut, leads the round
  • In a world where sellers must juggle a patchwork of payment and post-checkout services, Montonio is a “one stop shop” for small to medium size merchants
  • In less than a year, Montonio has signed up 3,000 retailers and captured 10% market share in the Baltics – and is now launching in Poland
  • In each market, Montonio is deeply integrated into the local payments and logistics infrastructure, providing merchants with unparalleled offering at the most competitive price


Montonio, the all-in-one platform for online merchants to accept payments, finance, and handle the entire post-checkout experience from shipping to returns and refunds, has raised €11 million in a Series A funding round led by Index Ventures.

The company has also announced the launch of its offering in Poland, adding to its existing presence in Estonia, Latvia, and Lithuania, with plans to add further markets this year. To support this growth, Montonio aims to expand its team across Europe.

The company’s previous investors Practica Capital, Tera Ventures, ffVC, and Superangel participated in the round. Montonio has also been backed by senior Wise, Pipedrive, and Bolt executives, including Bolt’s CEO Markus Villig, CPO Jevgeni Kabanov, and Adyen’s former managing director Myles Dawson who is joining the board.

Montonio's end-to-end platform enables merchants to seamlessly accept bank payments, and handle a range of eCommerce services, from financing to deliveries and refund management – all of this through single, self-serve API integration. Without Montonio, sellers are routinely overcharged and forced to deal with a fragmented patchwork of multiple systems or to rely on solutions that aren’t tailored to their specific market.

Markus Lember, CEO and co-founder of Montonio said: “Small to midsize merchants get a raw deal from traditional payments and logistics providers. Often they’re unable to accept local payment methods, are charged a premium for lower volumes, and must piece together many different solutions. This means they face higher costs, and can’t deliver top-quality customer service. We have decided to change that.”

Montonio removes the need for additional layers of providers and fees to accept direct debits, Buy Now Pay Later, and other forms of payments, in part due to the introduction of open banking standards. It’s highly sensitive to local needs, offering a breadth and depth of post-checkout services for sellers – from shipping to returns and refunds – that are unmatched by other providers.

Justinas Kodžius, head of e-commerce at Gera Dovana, one of the 3,000 merchants who have adopted Montonio, added: “We looked into many payment providers, and Montonio was the best product fit in the market for us as they pay a lot of attention to the end-user experience. We are happy to have made this choice, as in addition, Montonio has dramatically reduced the fees we pay to accept payments.”

Julia Andre and Jan Hammer, Partners at Index Ventures, join the board. Commenting on the announcement, Andre said: “Montonio addresses a really important but underserved piece of the e-commerce infrastructure – handling everything that happens from payment onwards. We’ve been impressed with the organic growth of the business, which is showing real demand and need for their product. This is yet another great example of the strength of Estonia as an entrepreneurial nation.”

Adyen’s former managing director Myles Dawson, who is joining this round as an investor and a board member added: “Montonio’s vision to provide a comprehensive eCommerce solution, from the point of payment, is very compelling. It highlights the transition from pure payment products towards next-generation eCommerce platforms that deliver more value to merchants and enhance the experience of their customers."

Arvydas Bloze, Partner at Practica Capital, said: "Montonio is a special kind of team that kept sufficient headspace to look at the big picture. To no surprise did they manage to recognize the massive opportunity in owning the checkout solution for e-commerce merchants, expand their initial offering and go all-in. 3,000 merchants in the Baltics, and this is just a start. Montonio was the first Practica’s investment in Estonia, and we will continue partnering with Estonian entrepreneurs."

About Montonio

Montonio is an all-in-one platform for online merchants to accept payments, offer financing and handle the entire post-checkout experience from shipping to returns and refunds. Founded by Karel Nappus, Kristofer Turmen, Markus Lember, Henrik Rank, Karl Kristjan Kalluste and Rasmus Õisma, Montonio is a Tallinn-based business, with offices in Latvia, Lithuania and Poland.

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