Monit, an Indonesian spend management platform, has secured $2.5m in a funding round.
The round was led by Cento Ventures, as it looks to enhance its AI-powered financial tools, according to a report from Tech in Asia.
The round also saw participation from Sansan, based in Japan, alongside existing backers 1982 Ventures and Init 6.
Monit, based in Jakarta, integrates corporate cards with AI-driven software, aiming to address challenges in business spending and financial management for small and medium-sized enterprises.
The platform enables real-time transaction visibility and allows businesses to exercise detailed control over spending, including merchant locking, salary cut flags and multi-layer approval flows.
With the new funds, Monit plans to strengthen its AI and machine learning capabilities within its product suite. The company is also looking to expand its leadership and sales teams to support its next growth phase.
Monit also seeks to address a common challenge with traditional corporate cards, which often lack adequate controls and visibility. Through its platform, users can set card-specific limits, control merchant access, and receive real-time push notifications on transactions, allowing immediate action if issues arise.
“We believe great financial tools should make you grow faster. When we started Monit, we wanted to build more than just a business tool. We wanted to build a tool that makes business focus on their customers. A tool that not only saves time but also significantly improves cash flow. A tool that makes them spend better, hire more people, and grow faster,” Monit’s LinkedIn profile states.
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