SHOPMONKEY
“Can Shopmonkey become the financial OS for auto repair shops by layering payments, capital, and accounting on top of shop management SaaS?”
Founded2016
HQMorgan Hill, California, United States
FoundersAshot Iskandarian
Total raised$110M
Latest roundSeries C, 2021
IndustryVertical SaaS / Auto Repair
The story
Shopmonkey started in 2016 as pure SaaS shop management software for independent auto repair businesses. From day one it partnered with Stripe Connect to embed payments into its workflow — payments became a strategic monetization layer, not just a feature. Over the last two years the company has expanded aggressively into embedded finance: Shopmonkey Capital (Stripe Capital) for merchant financing, a native Accounting product to compete with QuickBooks, and a Bookkeeping service. The direction is clear: become the vertical financial OS for auto shops, not just their workflow tool.
Last 12 months
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Product timeline
2016
Shopmonkey founded by Ashot Iskandarian to modernize auto repair shop management· founding
2019
Raised $10M Series A led by Index Ventures· funding
2021
Raised $75M Series C led by Bessemer and Index· funding
2024
Launched Shopmonkey Capital, powered by Stripe Capital· lending
2026
Introduced native Accounting and Bookkeeping product-specific services· product
The stack
4 layers disclosed in SHOPMONKEY’s embedded-finance stack
Payments / PSP
Lending
in the full report
KYC
in the full report
Accounting
in the full report
Accounting gap: minor
6 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.