London, UK – MONET, a financial platform based in London, has recently secured £17 million in early-stage funding to address widespread cashflow delays and funding gaps in the media and entertainment sectors. The seed round is set to close this July.
The investment is led by notable figures in the banking industry, including Paul Rippon, co-founder of Monzo and Starling, Michael Fischer of Modern Capital Group, and Dan Adler of Railsr and D Squared Capital. Other investors include specialist venture firm Force Over Mass and a group of angel investors.
The funding is a combination of equity and debt, and MONET is currently in talks to secure an additional £10 million in debt financing. The company’s platform is already being utilized by various agencies in the television, music, gaming, and social media industries. Notable clients include Cowshed Collective, the production company behind Footasylum’s popular YouTube series, Locked In.
This investment comes at a crucial time for creative businesses in Britain, who continue to face barriers to traditional lending. According to the Creative Industries Council, only 7% of creative businesses have access to bank lending, compared to 25% of small and medium-sized firms overall. MONET’s platform offers a comprehensive solution by integrating financing, payments, and workflow tools to support agencies in a sector valued at £124 billion annually.
Jacob Casson, founder and CEO of MONET, stated, “These teams are high-performing but often underfunded. We have built MONET to deliver financial products that plug directly into campaign operations, making capital, payments, and administration seamless from day one.” The platform’s features include campaign-based financing of up to £3 million per agency, payment capabilities across 130 countries, and real-time cashflow forecasting and invoice management. Casson noted that most clients generate between £2 million and £20 million in revenue and require financial systems that can keep up with their fast-paced industry.
According to the UK Business Debt Report, the country’s arts sector currently has over £503 million of business debt. Furthermore, Goldman Sachs predicts that the global creator economy will reach $480 billion by 2027.
Paul Rippon, one of the leading investors in MONET, described the platform as “the kind of infrastructure the creative sector has needed for a long time,” and noted that this is his largest angel investment to date. The company’s financial platform aims to revolutionize the way creative agencies manage their cashflow and secure funding, ultimately supporting the growth and success of the media and entertainment industries.
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