Nigerian Open Banking Startup Mono Picks Up US$15m Collection A

Lagos-headquartered open banking startup Mono has raised US$15 million in a Collection A. The spherical was led by Flutterwave’s backer Tiger World.

Taking part traders included a mixture of new backers Goal World (which additionally invested in Kuda Financial institution), Common Catalyst, and SBI Funding, alongside earlier traders Entree Capital, Lateral Capital, GPIC, Acuity VC, and Ingressive Capital.

The funding brings Mono’s complete capital pool to US$17.6 million, the corporate mentioned. Previous to the Collection A, Mono has additionally raised US$500,000 in a pre-seed spherical in September final 12 months, and a US$2.1 million seed spherical from Y Combinator in January this 12 months (knowledge in response to Crunchbase).

The corporate is valued upwards of US$100 million, in response to TechCrunch. Mono’s South Africa growth may occur as quickly as this 12 months, by a partnership with Absa financial institution, the report mentioned.

Mono’s merchandise present entry to buyer banking knowledge, accumulate financial institution funds immediately, assist to handle funds and linked accounts, and allow no-code financial institution assertion and cost assortment.

Mono has grown 45x year-on-year

Thus far, the fintech startup has processed over 200 million monetary knowledge transactions, and has related with over 150,000 financial institution accounts simply within the final two months.

That’s a development of 45x year-on-year, in response to TechCrunch. The 2020-founded startup additionally has a presence in Ghana, and plans to increase into Kenya, Egypt and South Africa.

The corporate can be increasing vertically, with enterprise options for non-tech industries resembling FMCG and regulation.

abdul hassan mono ceo cofounder

Abdul Hassan

“We wished to construct an app that would handle all our monetary accounts in a single place, however we couldn’t discover an infrastructure to assist our use case and Plaid wasn’t out there in Africa, so we determined to construct the Plaid for Africa, ourselves,”

Abdul Hassan, CEO and Co-founder of Mono, mentioned in a observe on the fundraise.

Featured picture credit score: edited from Unsplash

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