Fintech firm MONET is looking for money amongst the creator crowd with the beta launch of its revenue-based lending platform.
London-based MONET will offer dedicated Creator Business debit cards and accounts for creators, such as artists, videographers, influencers, streamers and podcasters.
The platform uses tech from embedded finance specialist Weavr to provide business banking and payments infrastructure.
While the beta launch has been made public, MONET isn’t that new. As Fintech Direct reported in July 2020, MONET artistically appeared on the UK’s fintech scene. Then in October 2020, it talked more about its launch plans.
Anyway, in the new announcement, MONET will provide business tools for users to manage multi-stream income from the likes of brand deals and platform earnings.
Jake Casson, Founder of MONET, explains: “There is no doubt as to the growth of this economy, and the potential of the middle-class and side-hustle businesses within it. To put this into an example, we’re seeing bankers leaving high paid jobs to create content, courses, merch and other online businesses based on their experiences. Entrepreneurial professionals and creatives are unbundling from corporate life and we’re here to help stabilise and power up the shift – starting with cash-flow support and revenue management which is all powered by specialist banking infrastructure.”
According to MONET, its platform pays creators upfront on what they are owed from brand deals and platform earnings, pushing funds directly into the creator’s dedicated MONET current account, where they also get 1% cashback on all business spending.
Over 300 creator businesses joined the beta launch in the first month and over 7,500 creative businesses are awaiting an invite from the waitlist.
MONET has received financial backing from investors such as Chris Adelsbach, Will Neale and Charles Delingpole. According to Crunchbase, the fintech company has raised a total of £556,500 in funding over three rounds.
The concept of targeting creatives has attracted the interest of other firms.
For instance, in Los Angeles, Karat Financial offers financial infrastructure for the creator economy. The startup is run by ex-engineers and product managers from Instagram, Palantir and Stanford.
A few others – such as Wales-based private digital challenger bank 220 and US-based lending firm Timshel – look like they have failed to make progress as their websites no longer work.