Monit, a spend management platform based in Jakarta, has raised US$2.5 million in a funding round led by Cento Ventures.
The round also saw participation from Japanese B2B digital transformation firm Sansan, along with existing investors 1982 Ventures and Init 6.
The funding comes as Indonesia’s digital payment market continues to grow.
Card payment volumes are forecast to reach US$87 billion by 2029, with a compound annual growth rate of 8.8%, while QRIS transaction values have increased by 192% to US$36 billion.
Despite this growth, many Indonesian SMEs and larger companies continue to face challenges in accessing business payment solutions, especially for card-based transactions.
Existing banking infrastructure offers limited tools for managing corporate spending, often resulting in inefficiencies and a lack of financial visibility.
This gap presents an opportunity for platforms such as Monit, which provides enterprise-focused tools to automate and control business finances.
Monit combines corporate cards with AI-powered software to address issues in expense tracking and financial oversight.
The company has processed over US$200 million in total payment volume to date and projects an annualised TPV of US$1.4 billion by 2026.
The platform has been adopted by nearly 1,000 businesses, mainly within the enterprise sector, and has recorded a fivefold increase in revenue year over year.
“Mid to large companies in Indonesia are navigating an increasingly complex operational landscape,”
said Rizki Aditya, Co-founder and CEO of Monit.
“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.”
The company intends to use the new funding to expand its product offering, with a particular focus on enhancing AI and machine learning capabilities for predictive insights and further automation.
It also plans to grow its leadership and sales teams and begin regional expansion into Southeast Asia.
Featured image credit: Monit
