Business Post Contributor
By Ashemiriogwa Emmanuel
African Technology Company, Mono, has raised a total of $15 million in its Series A funding round to power users in accessing financial data, accept bank payments, and build a data-driven money experience.
The round was led by an American investment firm, TigerGlobal, which is also the Venture Capital firm’s third major investment in Africa this year after Flutterwave and FairMoney.
The funding round had the participation from mono’s existing investors including, Entrée, Acuity, Ingressive, Lateral Capital, and GPIC. Target Global, General catalyst and SBI Investments also participated.
This follows a year after the Nigerian API fintech startup announced its pre-seed funding of $500,000 in September 2020 after its launch in August 2020.
Since its launch, Mono has grown to service over 200 valued customers and partners including Flutterwave, Renmoney, Aella, Credpal, Lendsqr, Float, Payhippo, and others, delivering, to date, over 200 million units of financial data to its partners.
Announcing the fresh funding, the CEO and founder of Mono, Mr Abdulhamid Hassan, in the company’s publication, noted that the funds raised will go a long way in achieving the company’s vision.
He said, “The newly raised funds will enable us to expand our products to new countries, scale our product development efforts to meet rapidly increasing market demand and support its exponential growth, double our existing connection coverage, reaching over 50 integrations, and launch our bank-to-bank payment initiation offering in Nigeria by the end of the year.
“Our team is currently made up of 30 amazing and mission-driven people, who have enabled Mono to get where it is today. In order to help businesses and developers in every corner of Africa to take advantage of the open banking and finance revolution, we need to grow our team.”
Mr Hassan said that as the ecosystem takes off with new users coming online and startups being created, the data that is being generated, correlated, and used turns out beneficial not just to the consumer but to all third-party service providers using the Mono products.
On what it next, the Mono boss disclosed that the company plans to continue supporting its valued customers and partners with the most innovative features and solutions on the market to enable access to financial accounts with the upcoming launch of the anticipated Mono DirectPay.
Driven with the goal of orchestrating the open banking and finance infrastructure future for Africa, the fresh funds raised brings Mono’s total outside funding to $17.6 million
