FinTech startup Mono joins Y Combinator’s Winter 2021 batch

Mono, a Nigerian-based startup that helps digital businesses in Africa access their customers’ financial and identity data, is set to be part of Y Combinator’s W21 startup accelerator program next year. Additionally, the company will have access to $125,000 seed support from the American startup accelerator known for providing seed funding for now-famous brands such as Paystack and Y Flutterwave.

From seed to acceleration

With the support it has secured, Mono intends to validate its credibility while also positioning the startup for global recognition. It’s an exciting year ahead for the startup that only recently closed a $500,000 pre-seed funding from VCs like Lateral Capital, Ventures Platform, Golden Palm Investments, Rally Cap, and some angel investors.

Mono CEO Abdulhamid Hassan is looking forward to the exciting developments the company is going through. He also believes an affiliation with YC will help dispel doubts about the African market still being riddled with distrust, especially when it comes to putting account details online.

The partnership with Y Combinator is seen as a chance to expedite the startup’s growth and facilitate its expansion into other markets. Currently, Mono’s focus is Nigeria. However, the company aims to further drive product marketing to Kenya and Ghana.

Advancing open banking in Africa

Mono intends to be the go-to financial data infrastructure API platform in Africa; to be the Plaid for Africa. Its plug-and-play technology allows customers like Flutterwave, Carbon and Indicina to access a broad range of high-quality financial data from institutions across Africa through a single API.

With this API, fintech companies can run a seamless onboarding process through quick account verification, credit history check, spending pattern, and KYC in general. In its six months of beta operation, Mono has partnered with industry giants like Carbon, Flutterwave, Swipe, among others to use its API. It is also seeking partnerships with banks in Kenya and Ghana as it plans for expansion.

Leave a Reply