Nigerian fintech startup Mono raises $15m Sequence A spherical led by Tiger World
Nigerian fintech startup Mono, which is constructing open banking infrastructure that allows entry to buyer monetary information and financial institution funds for digital companies in Africa, has introduced a US$15 million Sequence A funding spherical led by Tiger World to speed up its continental enlargement plans.
Based in August of final 12 months, Mono helps digital companies in Africa entry their prospects’ monetary and identification information.
Its plug-and-play know-how permits prospects like Flutterwave, Carbon and Indicina to entry a broad vary of high-quality monetary information from establishments throughout Africa by a single API.
It has been a busy 12 months for Mono, which has taken half within the Y Combinator accelerator and solely introduced a US$2 million seed spherical in Might, and it has now secured a US$15 million Sequence A led by Tiger World. Additionally taking part are Goal World, Basic Catalyst, SBI Funding, and present buyers Entrée Capital, Lateral Capital, Ingressive, GPIC, and Acuity.
The funding spherical will speed up Mono’s efforts in enlargement to different African areas and markets, allow the corporate to strengthen its key product choices and construct extra merchandise for African companies, and bolster its infrastructure as an entire.
“What we’ve constructed, and have continued to construct barely a 12 months after we began this journey, will take us nearer to our imaginative and prescient of turning into essentially the most sturdy open banking service supplier in Africa. Our new and present buyers perceive and imagine in our product imaginative and prescient and we’re excited to have them on board with us for the subsequent part of our journey,” stated Mono chief govt officer (CEO) Abdul Hassan.
“This new funding spherical will energy all of the workings of that subsequent part. It’s going to assist us double down on merchandise and experiences that we are able to provide rising digital African companies and by extension, shoppers throughout the continent. It’s going to additionally assist our ongoing enlargement efforts to different African markets like Ghana the place we’ve kicked off, and South Africa which is our subsequent cease.”
John Curtius, accomplice at Tiger World, stated Mono was constructing each the current and way forward for open banking providers for digital companies in Africa.
“We’re excited to be on board with them as they proceed to develop quickly and construct revolutionary merchandise for monetary information entry and funds, as trailblazers on this new business throughout Africa,” he stated.