A Nigerian fintech organisation, Mono, announced Monday it has closed a $2 million in seed investment to power the internet economy in Africa.
Launched in 2020, Mono helps digital businesses in Africa access their customers’ financial accounts for data and payments.
The investment comes just nine months after the company raised $500,000 in pre-seed last September and two months after receiving $125,000 from Y Combinator.
The company announced it has received a total of $2.625 million in investments.
The investors in this seed round include Entrée Capital; Kuda’s co-founder and CEO, Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; Eric Idiahi, co-founder and partner at Verod Capital; VC Lateral Capital.
“Our expansion is mostly inspired by our customers looking to expand to other markets, same with some of our products. We work with our customers to give them the right tools to build new experiences for their customers,” said Abdul Hassan, CEO of Mono.
“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 said.
Mono has partnered with more than 16 financial institutions and over a hundred businesses in Nigeria like Aella Credit, Autochek, Carbon, Credpal, Renmoney and Inflow Finance.
The company accesses customers’ bank accounts for bank statements, identity data, and balances.
It has also connected over 100,000 financial accounts for its partners and analyzed over 66 million financial transactions so far according to Techcrunch.
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