New post Thank you for 2021. Expecting a bigger you in 2022 Read More


Nigerian Fintech Start-up – Mono – Raises US$2 million in Seed Funding Round

1 Mins read

Mono, a Nigerian fintech start-up, has announced that it has closed a US$2 million seed funding round.

The start-up announced that the funding would be channelled towards powering the new set of businesses and developers building apps that require secure and reliable access to financial accounts in Africa.

Mono also added that it would use the funding to improve its core product – Mono Connect – and launch new products and features to ensure Mono is the most powerful — and reliable — way for businesses and developers to access financial accounts in Africa.

The seed funding round was led by Entrée Capital and Gbenga Oyebode’s fund (TCVP). Other investors include Lateral Capital, Babalola Ogundeyi (CEO of Kuda Bank), and a number of angel investors.

The investment comes two months after Mono received US$125,000 from Y Combinator; and about nine months after raising US$500,000 in pre-seed funding.

Mono, which was founded by Abdul Hassan and Prakhar Singh, in August 2020, streamlines various financial data in a single API for companies and third-party developers.

Mono allows for the retrieval of information like account statements, real-time balance, historical transactions, income, expense, and account owner identification with users’ consent.

Read also: Fintech Start-up – Okra – Raises US$3.5 million to Expand its Data Infrastructure

The start-up claims it has secured partnerships with more than 16 financial institutions in Nigeria, noting that Carbon, Aella Credit, Credpal, Renmoney, and Autochek are its biggest customers.

In a joint statement by both founders, Abdul and Prakhar said that:

“Today we celebrate this new milestone with our team and partners. Tomorrow, we continue the work of expanding our platform in Africa, double down on the partners and developer experience, enhance platform capabilities, and most importantly, continue to ensure reliability.”

Speaking on the investment and fundraising round, Avil Eyal, managing partner and co-founder of Entrée Capital, commented thus:

“We are very excited to be working with Abdul, Prakhar, and the entire Mono team as they continue to build out the rails for African banking to enable the delivery of financial services to hundreds of millions of people across the African continent.”

469 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Related posts
Now you knowRandomStartups

Saga Raises $6.5 million To Build A Web3 Protocol

2 Mins read
Web3 has been everywhere in the news lately, interestingly, for the right reasons I must admit. We are about witnessing the change…

Aave Launches A Web3 Social Media Platform Powered By Blockchain

2 Mins read
The good news of Web3 will continue to be spread until it completely evolves and becomes a blown reality, having fully been…

Paystack: how it works.

4 Mins read
Paystack lets businesses in Africa accept payments by anyone, anywhere in the world via credit card, debit card, money transfer, and mobile…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply