Indonesian FinTech Monit has raised $2.5 million in a funding round led by Cento Ventures, with participation from Japanese B2B digital transformation leader Sansan and existing investors 1982 Ventures and Init 6.
Why it matters: Monit aims to address the unmet needs of Indonesian SMEs and larger enterprises in managing business payments and accessing formal financial services and credit, as the country’s digital payment landscape rapidly expands.
The details:
- Monit’s platform combines corporate cards with AI-driven software for expense tracking and financial control.
- The company has processed over $200 million in total payment volume to date and projects to hit $1.4 billion in annualized TPV by 2026.
- Monit has been adopted by nearly 1,000 businesses, mainly within the enterprise sector, and has achieved a 5x year-over-year revenue increase.
- The new funding will be used to enhance Monit’s product suite, expand its AI and machine learning capabilities, and grow its leadership and sales teams to drive regional expansion across key Southeast Asian markets.
What they’re saying:
- “Mid to large companies in Indonesia face increasingly complex operational challenges due to manual and fragmented financial processes. Our platform addresses these challenges by providing visibility and automation that modern finance teams need,” said Rizki Aditya, Co-founder and CEO of Monit.
- “Unlike their overfunded competitors, they’ve scaled fast without burning cash. We’re thrilled to double down on our support,” expressed Scott Krivokopich, Managing Partner at 1982 Ventures.
- “Monit is addressing a crucial gap in Indonesia’s financial infrastructure. Their focused execution and enterprise orientation position them to lead the market in Southeast Asia,” added Boon Ping Chua, Partner at Cento Ventures.
- “We’re excited to support Monit as they bring efficiency to Indonesia’s enterprise sector,” said Muneyuki Hashimoto, Director and CFO at Sansan.
What’s next: Monit plans to use the capital to enhance its product suite, expand its AI and machine learning capabilities, and grow its leadership and sales teams to drive regional expansion across key Southeast Asian markets.
