Mona Secures $3.5M for AI Small Business Financing Platform

Mona has closed a $3.5 million oversubscribed funding round to expand its AI platform for small business capital access and financial coaching. The round was led by Sandberg Bernthal Venture Partners with participation from Alumni Ventures, Wisdom Ventures, and angel investors including former Google CEO Eric Schmidt, whose involvement highlights confidence in the company's technical approach.

Small business owners are facing persistent capital gaps and financial volatility, making AI-driven support a timely solution. The funding will be used to expand the platform’s reach and enhance its AI capabilities. Mona has already helped thousands of small businesses secure millions in affordable financing, with strong engagement in cities including Chicago, Detroit, Jacksonville, New York City, and San Francisco. The company was recently recognized on Fast Company’s World Changing Ideas List.

Mission-Driven Founders with Immigrant Roots

Mona was founded by Andrew Leon Hanna and Anny Dow, who met at Stanford. Their families' experiences as immigrant small business owners directly inspired the company’s mission to support underserved entrepreneurs. This personal background fuels their drive to address systemic barriers in capital access.

AI Platform with Human Coaching

Mona combines AI-driven financial coaching with a lending marketplace. Its platform uses artificial intelligence to identify financial opportunities, streamline applications, and provide personalized guidance. It provides a common application process to match entrepreneurs with capital opportunities including government programs, grants, and traditional lenders. Crucially, the technology is integrated with human coaching to provide ongoing financial guidance and support beyond the initial search for funding.

Gareth Schweitzer, a partner at lead investor Sandberg Bernthal Venture Partners, stated that small businesses are the engine of the American economy but face a huge market gap in tools and guidance. "Mona is closing that gap by leveraging AI to help small business owners find capital opportunities, apply for financing, and access high-quality coaching," Schweitzer said.

Strategic Partnership with Mastercard Strive USA

A key part of Mona's expansion strategy involves a partnership with Mastercard Strive USA. Through this collaboration, Mona aims to integrate its technology into existing community-based financial health initiatives and work alongside small business support organizations. Mastercard supports the venture through its Center for Inclusive Growth, which has increasingly focused on small business resilience.

Jonathan Fantini-Porter, Senior Vice President of Americas at the Mastercard Center for Inclusive Growth, noted the disruptive potential of AI. As AI continues to disrupt industries, there is a huge opportunity to make sure small businesses are not left behind and receive the support they need to grow, he said. The partnership leverages Mastercard's vast network to provide digital tools and capital access to underserved markets.

Mona will expand its AI platform reach and enhance capabilities to increase access to affordable capital for small businesses through these community partnerships.