Mono expands to Kenya

Monday 4 July 2022 13:00 CET | News

Mono, a Nigeria-based fintech that builds Open Banking infrastructure that enables access to customer financial data and bank payments for digital businesses in Africa, has expanded to Kenya as it begins its post-funding continent-wide rollout.

Founded in August 2020, Mono is an Open Banking infrastructure company that enables businesses in Africa to securely access financial data and accept direct bank payments with APIs all on one platform.

Its plug-and-play technology allows customers to access a broad range of financial data from institutions across Africa through a single API.

Mono expands to Kenya

The startup, which took part in the W21 batch of the Silicon Valley-based Y Combinator accelerator, secured a USD 15 million Series A led by Tiger Global in October 2021 to accelerate its continental expansion plans, and has now announced its launch in Kenya.

Kenya – what does it mean for Mono?

Mono’s entry into Kenya’s market will enable internet businesses to build solutions and experiences in lending, BNPL, finance and asset management, mobile money, and other areas.

Kenya is a growing East African hub for financial services, with a pool of businesses building different financial solutions. Mono aims to remove complexities and friction by providing infrastructure that new and existing Kenyan businesses can leverage to plug into the internet economy, as per the CEO of the company.

Mono’s launch in Kenya brings secure access to customer financial data (transactions, income, statements) with the Mono Connect API. It also offers coverage across the top five financial institutions. It has integrated assistance and a dashboard that helps track the connections.

The launch in Kenya is the first foray in East Africa, the first step outside Nigeria in almost two years ago. 

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Keywords: expansion, fintech, Open Banking, financial data, banks
Categories: Banking & Fintech
Companies: Mono
Countries: Kenya
This article is part of category

Banking & Fintech


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