London-based revenue management Fintech, MONET, is proud to announce the beta launch of its revenue-based lending platform with dedicated Creator Business debit cards and accounts for creators, providing infrastructure that is a world-first in its field. The platform is facilitated by embedded finance specialist Weavr, using their technology to provide business banking and payments infrastructure.
This innovative platform for creator businesses improves cash flow and gives unique business tools that allow you to manage multiple streams of income such as platform earnings and brand deals. This platform has the potential to create powerful financial inclusion and empower those working in the future.
MONET’s e-money proposition is powered by embedded-finance specialist Weavr’s innovative Plug-and-Play Finance solution, allowing users to access bank accounts and manage payments directly within the app.
This launch is a major step forward in financial technology support for the creator economy. Creator businesses will no longer have to chase payments for payment or to adjust their creation timeline to match when they receive the work. Instead, MONET’s 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 the benefit of 1% cashback on all business spending.
The beta launch was attended by over 300 creator-owned businesses. More than 7.5k creative companies are waiting to be invited from the waitlist. MONET also provides creator marketing platforms with the opportunity to facilitate embedded cashflow finance for their users using MONET’s technology. These businesses are mostly creatives with multi-stream income and business activities – such as course creators, models, musicians, influencers, streamers, gamers and some members of the wider highly skilled freelancer economy who have side-stepped into online activities.
Having identified the need to build a finance and business hub that encompasses all revenue sources for creators, MONET’s first feature product, EarlyPay, allows users to have invoices and platform revenue instantly advanced into their MONET account by insuring the owed funds as part of the secured-lending process. MONET has the resources to continue to grow its revenue and provide financial services to its customers through its relationship with Weavr.
Jake Casson, founder and CEO of MONET, stated: “There are so many highly driven and maturing businesses within the space who are either excluded or mismatched from wider SME finance and business infrastructure. In addition to this, there have been many new tools for creation in the economy over the past few years. However, these tools are not as effective at managing revenue. So we’re very proud to be offering truly useful finance and business tools that help more creators grow powerful businesses from their passions and skills.
There’s no doubt about the economic growth and potential side-hustle or middle-class entrepreneurs within this economy. 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.”
Jake continues: “With the help of our partners at Weavr, we’ve been able to get to market with verticalized banking much quicker than we initially anticipated. Weavr has given us a cost-effective BaaS solution to bring MONET to life for UK creators in a safe and, regulatory compliant manner.”
Alex Mifsud, co-founder at Weavr, said: “Our aim is to empower innovators and disruptors everywhere. Embedded finance solutions are increasingly powering the digital applications we are all relying on in our lives, from transport and education, to housing and the future of work.”
“Jake’s plans for MONET are a much-needed solution for creators to realise their earning potential, serving the increasing number of individuals making a living as creators. I am thrilled that Jake and the MONET team have chosen Weavr embedded finance toolset to build a service that helps creators succeed.”