Nigerian Fintech Startup Mono Secures $15m Series A led by Tiger Global

Nigeria-based financial data startup, Mono, has announced it raised $15m in a Series A funding round led by Tiger Global.

Other participants in the round include Entree Capital, Lateral Capital, GPIC, Acuity VC, Ingressive Capital, Target Global, General Catalyst, and SBI Investment.

Mono was founded in 2020 by Abdul Hassan and Prakhar Singh, to aggregate varying financial data in a single API for companies and third-party developers.

Mono enables users to retrieve information like account statements, real-time balance, historical transactions, income, expense, and account owner identification with users’ consent, and has been one of the Fintechs creating open banking solutions in Nigeria.

Mono claims to have processed over 200 million financial data transactions from over 270 businesses, developers, and Fintechs as well as connected over 150,000 bank accounts in the last two months.

Mono was one of 10 African startups to pitch at YC’s Demo Day in March.

The startup which had previously raised $2million in a seed funding round in May has now raised a total of $17m in funding rounds.

Mono also confirmed its expansion to Ghana last as it also announced that Ghanaian businesses can link their companies with their apps to fetch transactions, statements, balance, income, and identity data.

In a statement made available to TechCabal, the startup said: “A year ago, we launched Mono, and we’ve grown rapidly since. Our vision to power businesses with access to financial data and direct bank payments has progressed with a lot of learning”.

Mono intends to continue its sub-Saharan Africa expansion as it now plans to go after other markets like Kenya, Egypt, and South Africa by next year.