Connect with us

    Hi, what are you looking for?

    Tech

    Mono, Nigerian Fintech Startup Secures $15m Series A

    Mono, Nigeria’s tech-driven fintech startup, has closed a $15,000,000 Series A funding round led by Tiger Global.

    Target Global, General Catalyst and SBI Investment are new investors who joined in backing Mono in the round. Existing investors include Entree Capital, Lateral Capital, GPIC, Acuity VC, and Ingressive Capital.

    Mono leverages technology to power the digital economy in Africa, using open banking as a layer for financial data, identity data, and bank transfer payments for businesses. The company connects bank accounts to financial applications.

    The company’s CEO, Abdul Hassan and CTO, Prakhar Singh founded the company last year to make access to financial accounts across Africa, secure and reliable.

    Mono’s DirectPay product makes payments transactions seamless for Nigerian businesses. Entrepreneurs can transfer money to customers with the company’s web or mobile app without using debit cards.

    With offices in Nigeria, Kenya and Ghana, Mono affirms to have 1,200 developers and businesses leveraging its services to build their products, processed and delivered to its partners over 200,000,000 transaction data

    The company is building user-focused and innovative products that will continue to go beyond limits in accessing data and payments in Open Banking, across Africa.

    Backed by leading investors including YCombinator, Entree Capital, Ingressive Capital, Magic Fund and Lateral Capital, the company has raised $2,650,000 in total funding prior to the current round.

    In the last two months, the company asserts to have connected over 150,000 bank accounts, with a growth of 45x year-on-year and an increased staff base.

    Last September, the company completed a $500,000 pre-seed investment and participated in Y Combinator’s most recent winter batch, raising $2,000,000 in seed funding after graduation.

    Building the best open banking platform in Africa, the company plans to complete its move to South Africa via a partnership with Absa bank this year.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Oil and Gas

    Leading oil and gas experts in Nigeria have called for the full adoption of digital technologies to overcome the complex challenges facing the country’s...

    E-Financial

    Central Bank of Nigeria (CBN) has raised alarm over the rising costs of printing and replacing banknotes, warning that widespread abuse of the naira...

    Tech

    Lagos State has reaffirmed its position as Africa’s leading technology and innovation hub following the successful hosting of the GITEX Nigeria Tech Expo, Future...

    News

    Russia’s Finance Ministry announced on Wednesday, September 24, that it plans to raise the country’s value-added tax (VAT) to help finance the ongoing war...