Sorainen has advised Montonio on its generation of EUR 500,000 from both Estonian and international investors.
According to Sorainen, "eleven investors from four countries participated in the investment round, including Charlie Songhurst, as well as former TransferWise executives Triin Hertmann and Martin Sokk. The investor lineup also included Baltic and Finnish venture capital funds Practica Capital, Gorilla Capital, and Lemonade Stand, several angel investors and earlier financiers of the company, Superangel, StartupWiseGuys, and Jevgeni Kabanov, the CPO of Bolt."
Montonio has created a point-of-sale financing solution that allows online shoppers to receive several installment offers from competing creditors with a single credit application, from which the most suitable can be chosen. The shopper is presented with offers within a few seconds and receives a comparative overview of various financing options, including terms and conditions and cost.
According to Markus Lember, CEO of Montonio, "the customer’s options to receive point-of-sale financing have so far been mostly tied to a single creditor who has a partnership with the trader concerned. As a result, there is essentially no price competition in the market and unsuspecting clients pay hundreds of euros more than they should."
Sorainen's team included Partner Toomas Prangli, Senior Associate Robin Teever, and Assocaite Mirell Prosa.