Global interest in Monet App due for soft launch in February
By Simon Richardson
A new Manx company is at the forefront of an initiative to build a cashflow app for creators, freelancers and small business owners, to ensure they get paid instantly and provide them with increased protection for their businesses.
Jacob Casson, founder of Monet says there’s been huge interest in the concept, and around 6,000 UK creators have already put their name on the company’s waiting list: “Many of them are recognisable to the public for their high profile work on Netflix/TV series/films, music, the arts and social media accounts,” explained Jacob.
Such is the level of interest in the Monet offering that the company is backed and advised by a number of prominent figures, including a Hollywood Producer who has Box Officed over $1 billion and one of the UK’s leading IP and technology lawyers.
“The idea was born out of the first-hand experience of a corporate client of my first business going into administration with £24,000 still owed to me, and then being involved in the terrible struggle people in the creative industries have receiving the payments they are owed. These are often freelancers and small businesses who work sporadically because of the nature of the industry, and rely on prompt payments,” added Jacob. “Our goal is to give the world’s 1.2 billion digital creators, freelancers and micro-businesses the power to get paid instantly and protect their future. We will do this whilst helping investors deploy capital in a high liquidity, short-cycle, and untapped asset class – future revenue.” This includes everything from invoices, to royalties, affiliate commissions, subscriptions and online sales.
Monet is also receiving interest from some of the world’s leading venture capitalists such as Accel (early backers of Spotify, Facebook and Etsy) SignalFire and other UK and EU based firms, with Jacob’s intention to capitalise on these opportunities as Monet launches.
According to Jacob Monet has raised £60,000 to date from Angel/F&F and has received an offer from the Isle of Man Department for Enterprise scheme designed to help businesses develop and create new jobs on the Island: “I’m keen to work with Government in the future to help improve the scheme for aspiring entrepreneurs with big ideas,” said Jacob. “The team at Finance Isle of Man and the Department for Enterprise has been incredibly helpful so far, although the way the scheme is currently structured means we’re not able to access any financial support until we receive investment from an institutional partner.”
Work on the new Monet ‘financial super App’ for creators is progressing apace with the first version under construction: “We expect a soft launch of Monet in its simplest form towards the end of February,” said Jacob.
It can’t come soon enough for many of the people currently struggling in the creative industries due to the ongoing Covid pandemic. It’s had the effect of causing a 23 per cent spike in late payments from corporate clients. Also, freelancers and PAYE are currently excluded from UK government support – many of them are within the creative industries.