Mono, Nigerian API Fintech Startup Gets Backing From Y Combinator

Nigerian fintech company Mono has been accepted for the Winter 2021 batch of Y Combinator, a Silicon Valley-based Accelerator Startup.

This paves way for Mono to receive funding support of $125,000.

The fintech company enables businesses in Nigeria to access the accounts of their customers. Its API enables fintech businesses to run a seamless onboarding process through fast account verification, credit history searches, etc.

Companies and third-party developers can retrieve critical details such as account statements, real-time balance, historical transactions, sales, cost, and account owner recognition by streamlining different data in a single API.

Mono has secured partnerships with various financial institutions in Nigeria with companies including Flutterwave, Renmoney, and Carbon currently using its platform.

The startup last year raised US$500,000 in pre-seed funding from Ventures Platform, Rally Cap Ventures, Ingressive Capital, and a handful of angel investors and VCs, with Abdul Hassan, founder, saying the money was raised to build out the team and has now taken on further investment from Y Combinator.

Its admission into YC, according to the CEO, is an opportunity to affirm the reputation of Mono while also positioning the start-up for global recognition.

The start-up will also use the opportunity to push marketing and further its expansion plans to Kenya and Ghana.