At Cento Ventures, we believe in backing visionary founders who are solving critical pain points in large, underserved markets. That’s precisely what attracted us to Indonesia-based Monit, a B2B payment solutions provider.
We have recently led Monit’s $2.5 million Series A round, 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.
The Problem: A Fragmented & Inefficient Corporate Payment Landscape in Indonesia
Indonesia’s digital economy is booming, with card payment volume projected to hit US$87 billion by 2029 (an 8.8% CAGR) and QRIS transaction value soaring 192% to US$36 billion. Yet, its corporate payment landscape for businesses, especially SMEs, remains surprisingly traditional and fragmented.
Both SMEs and large enterprises in Indonesia consistently grapple with unmet needs for corporate payment solutions that are easy to manage, convenient, and reliable, particularly for card-based payments.
The current commercial banking landscape presents significant hurdles for businesses to adopt corporate cards for essential operational expenses, causing businesses to use personal cards or cash for business-related payments, further complicating reconciliation and increasing fraud risks.
The other end of the problem is the absence of card management tools, making it difficult for businesses to control and track card usage in real-time. This leads to fragmented spending, leakages and limited budget control.
Furthermore, for SMEs that may not have extensive financial history or readily available collateral to qualify for corporate card issuance from the commercial banks, this means limited access to financial services and credit.
This disconnect represents a multi-billion-dollar opportunity for platforms like Monit that bring enterprise-grade automation and control to corporate finance.
The Solution: Monit’s Integrated Spend Management Platform
Founded in 2022 by Rizki Aditya, a software engineer, Monit has grown rapidly through its business banking solutions, including corporate debit cards, checking accounts, and spend management software
Rizki, with over seven years of experience in software engineering and product design, recognised these challenges firsthand while helping his brother set up an e-commerce business in Indonesia.
Monit’s clients range from large enterprises like Lippo and Ciputra, who benefit from centralised control and improved operational efficiency to tech-savvy SMEs in marketing and e-commerce who gain crucial access to corporate cards for their operations. For example, Komerce, an e-commerce ERP provider, partners with Monit to offer virtual corporate card solutions to its sellers who face challenges accessing cards from traditional banks.
To date, Monit has processed over US$200 million in total payment volume and is projected to reach US$1.4 billion in annualised TPV by 2026. The company has also experienced a 5x year-over-year revenue increase, as its platform has been adopted by nearly 1,000 businesses, primarily within the enterprise sector.
Our platform is purpose-built to solve the challenges brought on by opaque and fragmented financial processes that directly impact the bottom line of businesses across Indonesia, by 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.
— Rizki Aditya, co-founder and CEO of Monit
Our investment in Monit is a testament to our belief in their ability to continue innovating and leading the charge in modernising corporate payments across Indonesia. We are excited to partner with Rizki and the entire Monit team as they continue to build a truly integrated and indispensable spend management solution for businesses of all sizes.
You can find out more about Monit here.