Monit, the ‘Brex of Indonesia’, attracts funding led by 1982 Ventures

Monit, an Indonesian B2B fintech startup that helps SMEs manage their finances, has secured an undisclosed sum in a funding round led by 1982 Ventures, a Southeast Asia-focused early-stage VC firm.

The startup will use the money to hire talent and develop its products.

Founded in late 2021 by Rizki Aditya (ex-Silicon Valley engineer) and Teddy Tjahjadi (ex-Country Head at Payswiff Indonesia), Monit focuses on supporting SMEs to pay bills, manage reimbursements and disbursements, and issue corporate credit cards.

Monit, dubbed as the ‘Brex or Ramp of Indonesia’, has earlier raised funding from Init 6, the VC firm founded by Bukalapak co-founders Achmad Zaky and Nugroho Herucahyono.

In January 2022, Monit began onboarding clients and partnered with Visa, Mastercard and CIMB Niaga to provide corporate cards for businesses.

Also Read: 1982 Ventures backs Indonesian agri commodity marketplace PasarMikro

Aditya said: “Corporate credit cards are tough to obtain, especially for SMEs, and the challenges around managing finances are hurting Indonesian businesses. Monit supports SMEs by providing an all-in-one expense management platform including corporate cards for payments.”

“The next product will be focused on a complementary real card product and treasury to help companies get an all-in-one platform not only for spending but also investment return from their idle cash,” said Co-Founder Tjahjadi.

“The upside for Monit is hugely based on the fast-growing B2B payments opportunity and their mission to build the future of finance for the next wave of businesses in Indonesia,” stated Scott Krivokopich, Managing Partner of 1982 Ventures.

Based in Singapore, 1982 Ventures is a seed fund investing in fintech startups in Southeast Asia. Its investments include open banking API platform Brick, personal finance app Pina, earned wage access platform Wagely, book-keeping app Lista, investment platform Infina (YC S21), ‘buy now, pay later’ firm Fundiin, rent-to-own home financing app Homebase (YC W21), and automated financial data delivery platform Bluesheets.

Also Read: 1982 Ventures joins Singaporean ‘wealthcare’ app Hugo’s US$2M round

In December 2021, 1982 Ventures announced the initial close of its first seed-stage fund with US$12.5 million in committed capital. The fund targets to raise a total corpus of US$15 million.

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