Nigerian fintech startup Mono has announced the closing of a US$2 million seed round to power the new set of businesses and developers building apps that require secure and reliable access to financial accounts in Africa.
The investment round came from Entrée Capital (Investors in Stripe, Gusto, Kuda) and Gbenga Oyebode’s fund (TCVP), and our existing investors, Lateral Capital, also participated. Babalola Ogundeyi (CEO of Kuda Bank), and a number of incredible angel investors also joined the round.
The investment comes two months after receiving US$125,000 from Y Combinator and approximately 9 months after banking US$500,000 in pre-seed funding.
Founded in August 2020 by Abdul Hassan and Prakhar Singh, Mono streamlines various financial data in a single API for companies and third-party developers. Mono allows them to retrieve information like account statements, real-time balance, historical transactions, income, expense, and account owner identification with users’ consent.
According to the startup, it has secured partnerships with more than 16 financial institutions in Nigeria and counts Carbon, Aella Credit, Credpal, Renmoney, and Autochek as its customers.
Mono will use the funding to double down on their core platform – 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.
“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.” a statement from both Abdul and Prakhar.
“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.” Avil Eyal, managing partner and co-founder of Entrée Capital.