Nigerian open banking startup Mono secures $15m Collection A led by Tiger World

Mono, a Nigeria-based monetary knowledge startup, on Monday mentioned it has raised a $15 million Collection A spherical led by Tiger World. The enterprise capital agency has beforehand invested in Flutterwave and FairMoney this 12 months.

Current traders Entree Capital, Lateral Capital, GPIC, Acuity VC and Ingressive Capital additionally participated within the spherical, joined by new ones, together with Goal World, Common Catalyst and SBI Funding. 

Based in 2020 by Abdul Hassan and Prakhar Singh, Mono is one in every of a number of startups—together with OnePipe and Okra—which have created open banking options in Nigeria. Its know-how permits companies and people to achieve entry to monetary info saved at industrial banks.

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The Collection A funding is the most recent in a listing of successive fundraises and brings Mono’s whole increase to over $17 million. 

In Might, it raised a seed spherical of $2 million from quite a lot of traders together with Entrée Capital, Lateral Capital, and Babs Ogundeyi, co-founder and CEO of Kuda. 

Each funding rounds added to the $500,000 Mono raised in September 2020 and the $125,000 acquired as a part of the Winter 21 cohort of Y Combinator.

Pan-African enlargement

Final week, Hassan confirmed Mono’s enlargement to Ghana to TechCabal. It’s presently in personal beta with fintechs Oze and Tranzo within the West African nation in addition to different monetary establishments, together with Warranty Belief Financial institution, Ecobank, Constancy Financial institution Ghana, Stanbic IBTC, Paystack, Flutterwave, and Normal Chartered. 

Which means Ghanaian companies can now hyperlink the businesses with their apps to fetch transactions, statements, steadiness, earnings, and identification knowledge.

“A 12 months in the past, we launched Mono, and we’ve grown quickly since,” the corporate mentioned in an announcement made accessible to TechCabal. “Our imaginative and prescient to energy companies with entry to monetary knowledge and direct financial institution funds has progressed with a whole lot of studying.”

Fintech Focus: The hyperlink between Open Banking and monetary inclusion

The launch in Ghana is a part of Mono’s broader enlargement plan to make its open banking answer accessible throughout sub-Saharan Africa. 

Mono plans to go after different markets like Kenya, Egypt, and South Africa by subsequent 12 months.

The Mono team.
The Mono staff.

Mono was one in every of 10 African startups to pitch at YC’s Demo Day in March. Hassan, the startup’s CEO, advised TechCabal on the time that YC was a possibility to make strategic connections.

When it comes to numbers, Mono claims to have processed over 200 million monetary knowledge transactions from over 270 companies, builders, and fintechs in addition to related over 150,000 financial institution accounts within the final two months.

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