Startups

Mono – Nigerian fintech startup – raises $2m during seed funding round

Smartphone Deals on Jumia

Mono happens to be one of the many Nigerian startups that sprung up during the lockdown period in Nigeria.

The firm primarily deals in identity and financial data. And it has secured seed funding to launch new products and reinforce its current offerings.

The startup runs a plug-and-play system, which allows customers like Indicina, Flutterwave, and Carbon, a wide range of quality financial data from institutions across Africa via a single API.

The firm, which started operations in August 2020, helps digital business in Africa to identity and financial data of their customers.

Everything on JUMIA

Last year, the firm raised $500,000 in pre-seed funding round from a handful of investors, which include Ingressive Capital, Ventures Platform, Rally Cap Ventures, and some angel investors.

Interestingly, Mono got selected to participate in the Y Combinator accelerator earlier this year. The accelerator fetched the firm another $125,000 to improve on its services.

Now, the startup has secured a $2m funding round to help scale and launch new products in the fintech niche.

Mono plans to introduce new services like direct debit, bank-to-bank payments, and many other features that facilitate diverse business transactions.

The firm also looks to extend its reach into Ghana and Kenya to serve a broader customer base.

‘’Mono builds APIs and products that enable developers and businesses to create better experiences for their users, ‘’ said CEO Abdul Hassan.

‘’Our APIs act as a conduit to enable these businesses to safely access data and financial data for better understanding of its users and to make more customer-focused decisions.’’

‘’This new funding will facilitate the swift design of the best APIs and powerful infrastructure. And it will also provide us with the opportunity to expand the reach of our services to other markets,’’ Hassan concluded.

Deal of the day