Monit, Indonesia’s leading spend management platform, has raised US$2.5 million in a funding round led by Cento Ventures, with strategic participation from Sansan, a Japanese leader in B2B digital transformation. Existing backers 1982 Ventures and Init 6 also joined the round, reaffirming their continued support. Indonesia's digital payment landscape is booming, with card payment volume projected to hit USD 87 billion by 2029 (a 8.8% CAGR) and QRIS transaction value soaring 192% to USD 36 billion. 

Yet, Indonesian SMEs and even larger enterprises face significant unmet needs when it comes to business payment solutions, particularly for card-based payments due to complex and extensive requirements, thus limiting their access to formal financial services and credit. 

The current banking landscape also lacks proper card management tools that could centralise spending control, often resulting in leakages and lack of visibility over business spend. This disconnect represents a multi-billion-dollar opportunity for platforms like Monit that bring enterprise-grade automation and control to business finance.

Monit’s platform combines corporate cards with AI-driven software to solve key challenges in business spending, expense tracking, and financial control for Indonesia’s leading enterprises.

Key growth milestones include:

• Processed over US$200 Million in total payment volume to date.
• Projected to reach US$1.4 Billion in annualized TPV by 2026.
• With a 5x year-over-year revenue increase, Monit’s platform has been adopted by nearly 1,000 businesses, primarily within the enterprise sector.

Rizki Aditya, Co-founder and CEO of Monit said: “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. This new funding allows us to deepen our enterprise capabilities and solidify our position as the market leader.”

Boon Ping Chua, Partner at Cento Ventures, said: “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.”

Muneyuki Hashimoto, Director, Executive Officer, and CFO at Sansan, said: “We’re excited to support Monit as they bring much-needed efficiency to Indonesia’s enterprise sector. Their mission aligns closely with our vision for becoming business infrastructure.”

Scott Krivokopich, Managing Partner at 1982 Ventures said: “We’ve backed Monit from the start. Unlike their overfunded competitors, they’ve scaled fast without burning cash. We’re thrilled to double down.”

Achmad Zaky, Founding Partner at Init-6 Ventures said “We backed Monit from the very beginning because we saw a solid combination of clarity, discipline, and deep local insight in the founding team. Monit is not just growing fast—it’s solving a real, complex pain point for Indonesian enterprises in an efficient way to manage their day to day finance process. We’re proud to see growth and fully support this funding round, and we believe this is just the beginning of their impact across the region.”

The new capital will be strategically deployed to enhance Monit's product suite, with a particular focus on expanding its AI and machine learning capabilities to deliver predictive insights and further automate financial operations. The company also plans to expand leadership and sales teams to support its growth and begin executing its strategy for regional expansion into key Southeast Asian markets.

Source: DealstreetAsia