The investment comes nine months after the company raised USD 500,000 in pre-seed in September 2020 and two months after receiving USD 125,000 from YC. Mono’s total investment moves up to USD 2.625 million, and investors in this new round include Entrée Capital (one of the investors in Kuda’s seed round), Kuda co-founder and CEO Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; Eric Idiahi, co-founder and partner at Verod Capital. New York and Africa-based VC Lateral Capital also invested after taking part in Mono’s pre-seed.
In a region where more than half of the population is either unbanked or underbanked, Open Finance players like Mono are trying to improve financial inclusion and connectivity on the continent. Open Finance thrives on the notion that access to a financial ecosystem via open APIs and new routes to move money, access financial information, and make borrowing decisions reduces the barriers and costs of entry for the underbanked.
Launched in August 2020, the company streamlines various financial data in a single API for companies and third-party developers. Mono allows them to retrieve information like account statements, real-time balance, historical transactions, income, expenses, and account owner identification with users’ consent.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now