The top spend management platform in Indonesia, Monit, has raised $2.5 million in a funding round headed by Cento Ventures. Sansan, a leader in business-to-business (B2B) digital transformation in Japan, has strategically joined the round.
In a statement released on Tuesday, Monit confirmed that its current backers, 1982 Ventures and Init 6, had also joined the round.
With an emphasis on developing its artificial intelligence (AI) and machine learning capabilities to provide predictive insights and further automate financial operations, the new capital will be strategically used to improve Monit’s product suite.
Additionally, the company intends to grow its sales and leadership teams in order to support its expansion and start implementing its regional expansion strategy into important Southeast Asian markets.
“This new funding allows us to deepen our enterprise capabilities and solidify our position as the market leader,” said Rizki Aditya, Co-founder and Chief Executive Officer of Monit.
“Mid to large companies in Indonesia are navigating an increasingly complex operational landscape. They are held back by manual, fragmented, and opaque financial processes that directly impact their bottom line,
“Our platform is purpose-built to solve these challenges, providing the visibility and automation that modern finance teams need,” he added.
Engineer Rizki Aditya founded Monit in 2022 to assist companies with modernizing banking and spending management.
The company provides software that easily fits into current workflows to almost 1,000 Indonesian companies, including Ciputra Group.
In order to provide secure, legal financial services, Monit also collaborates with authorized financial institutions.
“Monit is tackling a critical gap in Indonesia’s financial infrastructure,
“Their disciplined execution and deep enterprise focus position them to build a category-defining company in Southeast Asia,” said Boon Ping Chua, Partner at Cento Ventures.
According to Sansan’s Director, Executive Officer, and Chief Financial Officer Muneyuki Hashimoto, the company is thrilled to work with Monit as they provide much-needed efficiency to Indonesia’s business sector.
“Their mission aligns closely with our vision for becoming business infrastructure,” he added.
Scott Krivokopich, Managing Partner at 1982 Ventures, also said the firm has backed Monit from the start.
“Unlike their overfunded competitors, they’ve scaled fast without burning cash. We’re thrilled to double down,” he added.
