A Nigeria-based financial data startup, Mono, has on Monday raised a $15 Million Series A funding led by Tiger Global – with participation from Target Global, General Catalyst, and SBI Investments. Also participating in the round were existing investors such as Entree, Acuity, Ingressive, Lateral Capital, and GPIC. This raise brings Monos’ total funding to $17.6M.
In May, it raised a seed round of $2 million from a number of investors including Entree Capital, Lateral Capital, and Babs Ogundeyi – co-founder and CEO of Kuda.
Both investment rounds added to the $500,000 Mono raised in September 2020 and the $125,000 received as part of the Winter 21 cohort of Y Combinator.
Founded in 2020 by Abdul Hassan and Prakhar Singh, Mono is one amidst several startups – including OnePipe and Okra – that have created open banking solutions in Nigeria. Its technology enables businesses and individuals to take the notion of open banking a step further; by giving consumers the ability to grant access to all their digital accounts across banking (GTBank, Kuda), offline channels (Paga, Kudi), and traditional entities (Pension, Telco, Insurance), etc.
Journey So Far
Mono’s first product offering, Mono Connect, launched in 2020. Connect enables its partners to make their users securely link their financial accounts to share their data like transactions, bank statements, income, and identity data.
Since its launch, Mono has grown to service over 200 customers & partners including Flutterwave, Renmoney, Aella, Credpal, Lendsqr, Float, and so many more.
Mono claims to have delivered over 200 million units of financial data transactions from over 270 businesses, developers, and fintech and as well connected over 150,000 bank accounts in the last two months.
“A year ago, we launched Mono, and we’ve grown since. Our vision to power businesses with access to financial data and direct bank payments has progressed with a lot of learning,” the company said in a statement made available to TechCabal.
Hassan confirmed Monos’ expansion to Ghana to TechCabal in the previous week. It’s currently in private beta with fintech Oze and Tranzo in the West African country and other financial institutions, including Guaranty Trust Bank, Ecobank, Fidelity Bank Ghana, Stanbic IBTC, Paystack, Flutterwave, and Standard Chartered.
It implies that Ghana businesses can now link the companies with their apps to fetch transactions, statements, balance, income, and identity data. The launch in Ghana is part of Mono’s broader expansion plan to make its open banking solution available across sub-Saharan Africa.
Mono plans to go into markets in Kenya, Egypt, and South Africa in the coming year.