The platform is facilitated by embedded finance specialist Weavr, using their technology to provide business banking and payments infrastructure. The platform for creator businesses improves cash-flow and offers business tools to manage multi-stream income from the likes of brand deals and platform earnings, offering the potential to drive powerful financial inclusion for those charging into the future of work.
MONET’s e-money proposition is powered by embedded finance specialist Weavr’s Plug-and-Play Finance solution, allowing users to access bank accounts and manage payments directly within the app.
The launch seeks to support the creator economy with financial technology. MONET’s platform reportedly 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.
Over 300 creator businesses joined the beta launch in the first month and over 7.5k creative businesses are awaiting an invite 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. The relationship with Weavr provides MONET with the building blocks to provide further financial and revenue-growth tools to its users at a later date, the official press release concludes.
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