Nigerian fintech startup Mono has raised $15 million series A round. The company helps to connect consumers bank accounts to financial applications.
The seed round is led by Tiger Global, one of the venture capital’s third major investment in the African continent after FairMoney and Flutterwave.
According Abdulhamid Hassan co-founder and CEO said first is, DirectPay, a product that helps Nigerian businesses to collect bank transfer payments from customers within their web or mobile app without using their debit cards. Think of what Flutterwave and Paystack have done with cards; Mono wants to do that with bank accounts.
Apart from dominating the Nigerian market, the company is making an in-roads in countries such as Ghana and Kenya.
Mono told TechCrunch, the company has delivered on only Ghana, for now, piloting with a few banks and fintechs such as Oze and Tranzo. Kenya, on the other hand, is still within its radar as one out of three countries (including Egypt and South Africa) Mono plans to expand into next year.
Hassan adds that Mono might complete the move to South Africa via a partnership with Absa bank this year.
“We feel the team at Tiger felt we were doing something amazing but thought what we had raised wouldn’t help us build a big company. And they were like, ‘we want to help you build a big company,’ ” said Hassan.
Leave a Reply