Fintech Mono raises US$2m seed investment to boost internet economy in Africa

MOROCCONigerian fintech organisation Mono has announced that it has closed a US$2 million in seed investment to power the internet economy in Africa.

Launched in August 2020, the company streamlines various financial data in a single API for companies and third-party developers.

Mono allows them to retrieve information like account statements, real-time balance, historical transactions, income, expenses and account owner identification with users’ consent.

The investment comes just nine months after the company raised US$500,000 in pre-seed last September and two months after receiving US$125,000 from Y Combinator.

The company announced it has received a total of US$2.625 million in investments.

The investors in this seed round include Entrée Capital; Kuda’s co-founder and CEO, Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; Eric Idiahi, co-founder and partner at Verod Capital; VC Lateral Capital.

“We work with our customers to give them the right tools to build new experiences for their customers.”

Abdul Hassan, CEO Mono

“Our expansion is mostly inspired by our customers looking to expand to other markets, same with some of our products. We work with our customers to give them the right tools to build new experiences for their customers,” said Abdul Hassan, CEO of Mono.

Mono has partnered with more than 16 financial institutions and over a hundred businesses in Nigeria like Aella Credit, Autochek, Carbon, Credpal, Renmoney and Inflow Finance.

The company accesses customers’ bank accounts for bank statements, identity data, and balances.

“We are very excited to be working with Abdul, Prakhar and the entire Mono team as they continue to build out the rails for African banking to enable the delivery of financial services to hundreds of millions of people across the African continent,” Avil Eyal, managing partner and co-founder of Entrée Capital said.

In a region where more than half of the population is either unbanked or underbanked, open finance players like Mono are trying to improve financial inclusion and connectivity on the continent.

Open finance thrives on the notion that access to a financial ecosystem via open APIs and new routes to move money, access financial information and make borrowing decisions reduces the barriers and costs of entry for the underbanked.

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