Nigerian FinTech Startup Mono, Raises $2M Seed Funding

Nigerian fintech startup Mono, has raised US$2 million to accelerate its data connectivity and financial offerings to millions of Africans in the continent. 

TechCrunch reports that the company — founded by Abdul Hassan and Prakhar Singh — closed a $2 million seed investment round. This announcement came just nine months after the company raised $500,000 in pre-seed capital. Investors for this round of funding include Entrée Capital (one of the investors in Kuda’s seed round), Kuda co-founder and CEO Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; and Eric Idiahi, co-founder and partner at Verod Capital. New York but Africa-based VC Lateral Capital also invested after taking part in Mono’s pre-seed.

Abdul Hassan and Prakhar Singh

When all this money is combined with their $125,000 YC investment, their total investment moves to $2.625 million.

The company was officially launched in August 2020, Mono is a company that prides itself on providing a streamlined financial data solution to Africa.

Recently, the company slightly shifted its focus to include a mission statement that promotes financial inclusivity. That’s because the vast majority of their client base is either unbanked or underbanked.

The African continent has a challenges with connectivity, such issues prevent people to access information and banking.

Mono, A Nigerian FinTech Startup, Raises More Than $2M To Power Africa's  Internet Economy - AfroTech
Mono Fouders: Abdul Hassan and Prakhar Singh

But that’s where Mono comes in to mitigate those challenges, according to its founders.

“Our focus isn’t only on open banking but data. We’re thinking of how we can power the internet economy with data that isn’t necessarily financial data. For instance, think about open data for telcos. Imagine where you can move your data from one telco to another instead of getting a new SIM card and making a fresh registration. That’s where I see the market going, at least for us at Mono,” said Hassan.

Mono plans to roll out new services such as bank-to-bank payments, direct debit, and more features to serve diverse business verticals. It will also expand into the Ghanaian and Kenyan markets to service a broader customer base.

Visit Mono website for more information

Source: AFROtech

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