Boston-based fintech Monit, with Eastern Bank, is launching a mobile financial platform for small business owners.
The platform provides predictive technologies to forecast cash flow and also Paycheck Protection Program features that include automatic monitoring of transactions and guidance to optimize PPP forgiveness, according to a Banker and Tradesman report.
The platform allows business owners to connect the platform to existing accounting software, such as Quickbooks. The platform works in a browser on phone, tablet or desktop.
Eastern Bank, also based in Boston, will provide Monit’s cash-flow forecasting and monitoring features and according to its website the platform is free for small business customers to use for the time being, according to the news report.
The platform launch came about from bankers and tech entrepreneurs working directly with small business owners to address issues predicting future cash flow, getting timely and actionable insights, and saving money. Monit is working with community and regional banks nationwide to launch the app.
“Cash is king, especially for small businesses, so we created a way for small business owners to keep tabs on their current cash position, and predict where it will be down the road, all easily available on their phone,” Steve Dow, Monit co-founder and CEO, said in a statement. “Business owners today are having to make incredibly tough decisions. Monit was designed to help them predict how those changes will affect their business and give them a better sense of control.”
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