Fintech Startup Mono Gets Backing From Y Combinator to Build Financial Platform for African Countries

By Thomas Price Tuesday, February 9, 2021

The world of developed finance has become significantly more open in recent years as companies and startups have made massive inroads into unbanked and underbanked communities around the world. Considering the slow rate and ineffective costs of opening up physical bank branches, the path to more access has been through fintech startups focused heavily on open finance. Mono is a fintech and data startup looking to create significantly more inclusion throughout Nigeria and eventually across several African countries. The startup recently got a massive boost to its business growth potential after receiving backing from Y Combinator. Considering their current goals as a company, the startup could see strong success coming from this recent backing.

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Mono’s Technology and Platform

Mono is a fintech and data startup that has created and launched an all-in-one financial platform that will allow businesses and companies to access customers’ financial accounts, initiate bank payments, and collect bank statements at the user’s discretion. Its main goal for the startup is to lower the barrier for underbanked and unbanked individuals and provide large scale access to financial tools. Mono is a startup considered both in open-banking and open-finance.

The startup has already seen strong success with integrating several financial businesses throughout Nigeria. In fact, Mono already covers over 20 different companies and institutions within the financial business world. Beyond that, the startup is being used by over 100 businesses including names like Carbon, Renmoney, Flutterwave, and Indicina. This influx of new business has the company processing over 5 million data sets every hour, an impressive feat considering how recently the platform launched.

After a pre-seed round of $500,000, led by Lateral Capital, Ventures Platform, Golden Palm Investments, and Rally Cap, the company was able to reach the current levels of success. However, in order to continue to see the business grow, the backing from Y Combinator will be the next logical step.

Y Combinator’s Backing of Mono and the Startup’s Future Plans

In Y Combinator’s Winter 2021 batch of startups, Mono was selected as one of the few to be backed. Y Combinator will invest an initial amount of $125,000 with the option to invest more after the company graduates in March. Following graduation, the company plans on expanding business into Kenya and Ghana sometime in Q1 (first quarter) 2021. While Mono currently only has 13 members on the staff, after a seed funding round sometime in the near future, the company will most likely look to expand its workforce in order to continue scaling up.

When commenting on the hopeful future of Mono’s platform, co-founder Abdul Hassan said, “First, we’ve enabled companies with a new infrastructure that allows them to get access to customers’ financial accounts and understand their history before giving them loans or any financial service. Now, we think with the new generation of companies coming up in Africa, Mono will be the one to power their onboarding processes.”

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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