Creating an exclusive banking platform for the creators
Financial literacy in the creative space is not often endorsed nearly as much as it should be. Whilst the importance of the arts is an aspect that has gained prominence over the last few years, encouraging the creators that drive the space to indulge in the business acumen required to grow in the industry is not. It is a space that is rife with late payments and chasing after clients.
It is in this gap where UK based payment technology company Monet appears. They have understood the business and personal need to create a platform specifically for the creator. It is a financial platform that provides a Creator Bank Account as well as a debit card for the creative, specializing in assisting the account holder in getting paid early and managing the financial affairs more efficiently.
Sounds great. But how exactly do they go about it?
By offering something quite simple: Centralizing your financial transactions. The company allows creators who sign up with them an opportunity to have an overview of your business, including sending out invoices and also manage appointments. This is of great importance, as it represents peace of mind that all affairs pertaining to your business are not all over the place. Furthermore, this places control back in the hands of the creator, as these elements of your work do not need to be outsourced. As the platform grows, they will even allow their customers the opportunity to track their own earnings and capitalizing on the benefit of allowing one to get a overview of their business.
No doubt one of the most important promises that the company offers, is to allow creators to get paid early. Up to 120 days early to be exact. This functionality is important for two reasons: It removes the responsibility to chase up on invoices from the creator, and perhaps more importantly, it helps place a dent in the perception that it is always a headache for creatives to get paid. Moans about the business side of this space always centre around the runaround that comes with obtaining payment, and Monet is doing its part to address it. The platform is actively normalizing getting paid early.
Listen. They’re doing something right over here
Monet is currently sitting with a waitlist of over 7 000 creative businesses eager to collaborate, and have raised ￡556.5k worth of funding over 3 rounds. This emphasizes the importance of the work Monet is doing, and the trust that investors have in the platform. Founder and CEO, Jake Casson, also has a wealth of financial expertise underneath his belt (excuse the pun). A graduate of the University Of Portsmouth, his work in risk analysis and acquisition have no doubt added to the experience required to launch and maintain this platform. The importance of creating a platform like this for creators aside, Monet is adding to a much-needed dialogue that involves placing autonomy completely in the hands of a creator and giving them the tools to do it.