Indonesia's Fintech Monit raises $2.5 million on its AI spending platform

Monit, Indonesia's spending management platform, has secured $2.5 million in the funding round.

According to a report from Asian Tech, the round was led by Cento Ventures.

In the round, participation from Japan-based Sansan also joined existing supporters 1982 Ventures and Init 6.

Jakarta-based Monit integrates AI-driven software and corporate cards with the aim of addressing the challenges of business spending and financial management for small and medium-sized businesses.

The platform allows real-time transaction visibility and allows businesses to manage their spending in detail, including merchant locks, pay cut flags, and multi-layer approval flows.

With the new funding, Monit plans to enhance AI and machine learning capabilities within its product suite. The company is also considering expanding its leadership and sales team to support its next stage of growth.

Monitt is also trying to address common challenges with traditional corporate cards. Through that platform, users can set card-specific restrictions, control merchant access, receive real-time push notifications in transactions, allowing for immediate action in the event of issues.

“We believe that good financial tools should help you grow faster. When we first started Monit, we wanted to build more than just a business tool. We wanted to build a tool that would focus our business on our customers. It's a tool that not only saves time, it's a tool that will hire more people, hire more people, grow faster.”