Nigeria-based Mono gets backing from Y Combinator

Wednesday 3 February 2021 13:28 CET | News

Nigeria-based Mono, a startup that helps fintech companies to run onboarding processes through KYC in general, gets backing from Y Combinator.

It will join 39 other African startups already in the accelerator’s portfolio. Mono currently has a USD 500,000 pre-seed backing from VCs like Lateral Capital, Ventures Platform, Golden Palm Investments, Rally Cap, and some angel investors. By getting into Y Combinator, the startup will have access to USD 125,000 seed fund and other investment opportunities following graduation in March 2021.

Mono founders plan to use this opportunity to validate the product’s credibility while also positioning the startup for global recognition. This is important as the African market is still riddled with distrust especially when it comes to putting account details online.

Mono API allows fintech companies to run onboarding process through quick account verification, credit history check, spending pattern, and other KYC processes. It is able to do this by crawling several financial information from different banks.

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Keywords: Mono, Nigeria, KYC, Y Combinator, Africa, funding, investment, startup, fintech, Open Banking, API
Categories: Banking & Fintech
Countries: Africa
This article is part of category

Banking & Fintech

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