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.
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.”