Mono, an African fintech startup, announced that it has raised $15 million in a Series A funding round led by Tiger Global. Other investors in this round include new investors like Target Global, General catalyst, SBI Investments and already existing investors like Entrée, Acuity, Ingressive, Lateral Capital, and GPIC.
Taking into consideration the $2million raised in May 2021, $500,000 in pre-seed funding in September 2020 and $125,000 from Ycombinator, this new funding raise brings total raised since inception to $17.625 million.
Founded by ex-Paystack employee and CEO Abdul Hassan and CTO Prakhar Singh, and launched in 2020, Mono enables its partners — internet businesses and developers — to build apps that make transfers from their customers’ bank accounts instantly, help them understand their users’ cash flow with more detailed information, offer convenient credit, among other things.
With its first product offering, Mono Connect, launched in 2020, Mono has grown to service 200+ valued customers & partners including Flutterwave, Renmoney, Aella, Credpal, Lendsqr, Float, Payhippo and so many more. It has delivered over 200 million units of financial data to its partners.
Mono says the new funds will be used to grow its present team, expand its products to new countries, scale its product development efforts to meet rapidly increasing market demand and support its exponential growth, double its existing connection coverage, reaching over 50 integrations, and launch its bank-to-bank payment initiation offering in Nigeria by the end of 2021.
