Nigerian API fintech startup, Mono, has closed a $2 million Seed round to power the financial data economy in Africa. This is a natural expansion on its mission back in February where the company announced being accepted into Y Combinator’s Winter 2021 batch with the goal to build a financial services API similar to Plaid for Africa.
This Seed round comes nine months after the company raised $500,000 in pre-seed last September and two months after receiving $125,000 from Y Combinator. Mono’s total investment moves up to $2.625 million, and investors now include Kuda Co-founder and CEO, Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; Eric Idiahi, Co-founder and Partner at Verod Capital, Lateral Capital; and Entrée Capital — an investor in Kuda’s seed round.
Mono organises financial data in a single API for companies and third-party developers. It allows easy retrieval of information like income, account statements, real-time balance, and historical transactions.
In a region where more than half of the population is either unbanked or underbanked, players like Mono are democratizing access to financial services and connectivity on the continent.
The company has secured partnerships with over 16 financial institutions in Nigeria. And so far, it has reportedly connected over 100,000 financial accounts for its partners and analysed over 66 million financial transactions.
The money raised would be used to strengthen its current financial and identity data offerings, launch new products for diverse business verticals, and fund expansion into Kenya and Ghana.
Mono has done exceptionally well in a short period. However, CEO Abdul Hassan is quick to remind everyone that the Mono’s current product is just a starting point to its overarching goal of being a data company.
The vision for Mono is to become a data company, connecting to all available data and opening it up for businesses and developers. Mono aims to power the Data economy in Africa.
The company is taking an approach of building a product one step at a time until it can fully diversify from financial data offerings.
Abdul Hassan (CEO) and Prakhar Singh (CTO). Image Credits: Mono
Mono is one of three African API fintech companies to have raised a seed round this year, joining the ranks of Nigerian Okra and South African Stitch. Back to back investments like this continue to show investors optimism about the African API fintech market.