Nigeria’s fintech startup Mono launches its services in Kenya

NIGERIA – Mono, a Nigeria-based fintech that builds Open Banking infrastructure that enables access to customer financial data and bank payments for digital businesses in Africa, has expanded to Kenya as it begins its post-funding continent-wide rollout.

Founded in August 2020, Mono is an Open Banking infrastructure company that enables businesses in Africa to securely access financial data and accept direct bank payments with APIs all on one platform.

Its plug-and-play technology allows customers to access a broad range of financial data from institutions across Africa through a single API.

The startup, which took part in the W21 batch of the Silicon Valley-based Y Combinator accelerator, secured a US$15 million Series A led by Tiger Global in October 2021 to accelerate its continental expansion plans, and has now announced its launch in Kenya.

Mono’s entry into Kenya’s market will enable internet businesses to build solutions and experiences in lending, BNPL, finance and asset management, mobile money, and other areas.

Kenya is a thriving East African hub for financial services, with a growing pool of businesses building truly innovative financial solutions,” said Mono CEO Abdul Hassan.

“Mono will remove complexities and friction by providing reliable infrastructure that new and existing Kenyan businesses can leverage to plug into the internet economy.

“We’re excited to work with Kenyan businesses to empower them to expand their offerings for customers, become data-informed, and make increasingly accurate business decisions.”

“This launch in Kenya will be its first foray in East Africa; our first step outside the country we began in, almost two years ago. We’re thrilled to be taking these possibilities that Mono provides into more markets, and we’re excited for all we’re going to learn.”

Mono’s launch in Kenya brings secure access to customer financial data (transactions, income, statements) with the Mono Connect API. It also offers coverage across the top five financial institutions. It has integrated assistance and a dashboard that helps track the connections.

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