The startup offers an online auction platform that enhances the efficiency of the receivables discount market by facilitating real-time bidding among buyers. This competitive environment enables businesses to trade new securities and receivables daily, improving liquidity and pricing transparency.
Funding
$19.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
KIQCFounders
Product
Problem
Many businesses, especially small and medium-sized enterprises (SMEs), face challenges in managing their cash flow due to delayed payments on invoices and receivables. Traditional financing options can be costly and time-consuming, hindering their ability to invest in growth and operations. Financial institutions also face difficulties in efficiently connecting with and financing these businesses.
Solution
Monkey provides a suite of solutions designed to streamline receivables discounting and improve cash flow management for businesses and financial institutions. The platform offers a marketplace where businesses can auction their receivables to multiple financial institutions, fostering competition and transparency in pricing. For businesses, this means faster access to capital at competitive rates, while financial institutions gain access to a broader pool of potential clients and investment opportunities. Monkey's solutions also include tools for managing accounts payable and receivable, as well as white-label programs for institutions to offer their own branded financing solutions.
Target Audience
The primary target audience includes SMEs seeking to improve their cash flow, large corporations looking to optimize their supply chain financing, and financial institutions aiming to expand their lending portfolios and offer innovative financing solutions.
Features
- Online auction platform for receivables discounting, connecting businesses with multiple financial institutions.
- SupplyPlus: A risk-based supplier finance (RBSF) program that allows companies to optimize their payment terms and offer early payment options to suppliers.
- SalesPlus: A receivables finance program that enables companies to offer extended payment terms to their customers while still receiving early payment on invoices.
- Spike Whitelabel: A white-label program that allows institutions to offer their own branded receivables discounting solutions.
- Caco: A cash flow management tool that helps businesses track and manage their accounts payable and receivable.
- Integration with over 100 financial institutions, expanding access to capital for businesses.
- Automated invoice upload and management.
- Real-time bidding and pricing transparency.
- Customizable program parameters for financial institutions.
- Mobile app for suppliers to manage invoices and request early payments.