Monit, a fintech company that stemmed from an idea hatched at Eastern Bank in Boston, has launched a namesake app to help small-business owners analyze and predict cash flow, revenue and profitability.
Rather than charging small-business owners to use it, the app will be delivered through community and regional banks. Monit makes money through software-as-a-service revenue agreements with banks.
This launch is one example of a broader trend in which banks of all sizes are trying to provide better technology to small businesses, in the hopes of attracting and strengthening relationships with them. Apps like Monit’s not only can tie a small business more tightly to a bank; they can also provide useful data about small businesses and help small and midsize banks compete with larger rivals.
“Monit solves a problem for banks, which have been increasingly challenged with meeting the needs of small businesses,” said Sean Collins, a Monit