Mono, Nigerian API Fintech Startup Gets Backing From Y Combinator




Tech World

Feb. 3, 2021, 12:39 p.m.

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.

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tag: Funding, Startup Accelerator, Startup, startup nigeria, YCombinator,


Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.