Nigerian Startup Mono Secures $15m Series A Led by Tiger Global

Nigerian Startup Mono Secures $15m Series A Led by Tiger Global

Mono,  a Nigeria-based financial data startup has raised a $15million Series A round to power the digital economy in Africa. The round was led by Tiger Global with participation from Entrée Capital, Lateral Capital, Ingressive Capital, Acuity VC, GPIC, Target Global, General Catalyst and SBI Investment. Tiger Global previously invested in Flutterwave and FairMoney.

Mono’s Series A investment is the latest in a list of successive raises, summing the startup’s total outside raise to $17.6 million. In May, Mono raised a seed round of $2 million from investors like Entrée Capital, Lateral Capital, and Kuda’s Cofounder/CEO, Babs Ogundeyi. In September 2020, the startup also raised $500,000 and received $125,000 from Y Combinator. It was one of the 10 African startups to pitch at Y Combinator’s Demo Day in March.

Mono was founded in 2020 by Abdul Hassan and Prakhar Singh to enable individuals and businesses to gain access to financial information. Mono allows companies and third-party developers to retrieve information like account statements, real-time balance, historical transactions, income, expenses and account owner identification with users’ consent. The startup has so far processed over 200 million financial data transactions from over 270 businesses, fintech, developers, and has connected over 150,000 bank accounts in the last two months. 

Mono will use the new funds raised to expand its products to new countries, scale its product development efforts to meet rapidly increasing market demand, support growth, double existing connection coverage, reach over 50 integrations and launch its bank-to-bank payment initiation offering in Nigeria by the end of 2021.

Read Also: Flutterwave Secures $170 Million in Series C Funding, Now Valued at over $1 Billion

This will start with the upcoming launch of Mono DirectPay, a product that helps Nigerian businesses to collect bank transfer payments from customers within their web or mobile app, without using debit cards. 

According to Mono’s co-founder Abdul Hassan, the startup has expanded to Ghana and is currently in private beta with fintech Oze and Tranzo as well as other financial institutions including Guaranty Trust Bank, Stanbic IBTC, Ecobank, Fidelity Bank Ghana, Standard Chartered Bank, Paystack and Flutterwave. 

Ghanian businesses can now use the Mono app to access financial data including statements, balance, income and identity data. 

Its Ghana launch is part of the startup’s expansion plan to make its open banking solution available across sub-Saharan Africa.  

Mono will further expand to other African markets in Kenya, South Africa and Egypt by 2022.

More about Mono on Mono.co