Nigerian fintech startup Miden selected for Y Combinator’s Winter 2024 Cohort

Miden, a Nigerian startup that enables businesses to issue virtual cards to their customers via its API, has been chosen for Y Combinator’s winter 2024 batch. Following Cleva, a cross-border payment service, Miden is the most recent Nigerian startup to join this year’s winter cohort.

Miden, which offers virtual cards in both USD and Naira for businesses, launched in 2022 by Okiemute Avworhokai and Ini Udoh, aims to introduce efficiency and streamline processes in the Sub-Saharan Africa financial sector by aiding businesses in rapidly launching a variety of financial products.

Centered on tackling the operational difficulties encountered by businesses in the region, Miden’s user-friendly API platform equips companies with the ability to effortlessly handle complex financial transactions.

Miden’s primary services encompass virtual card services, corporate expense management solutions, and core banking as a service. These offerings cater to a wide range of business needs across various sectors. With the company’s advanced technology and a profound understanding of local market trends, Miden has emerged as a leader in the fintech sector, gaining recognition domestically and internationally.

Miden’s selection for the Y Combinator winter 2024 batch underscores the accelerator’s ongoing mission to foster innovation in emerging markets, particularly Africa. Alongside other Nigerian startups like the cross-border payment service Cleva, Miden represents the vibrant ecosystem of African entrepreneurship on a global stage.

Since Miden’s establishment, it has enjoyed rapid growth, issuing over 100,000 virtual cards and extending its reach across four countries. Its API-based platform is lauded for simplifying operations, lowering transaction fees, and removing bureaucratic barriers tied to conventional payment methods.

Y Combinator’s strategic focus on remittance startups in Africa signals the enormous potential of the continent’s burgeoning fintech sector. Miden’s inclusion in the winter 2024 batch reflects YC’s acknowledgement of the ground-breaking solutions originating from Africa’s expanding startup sector.

This announcement follows Y Combinator’s recent investments in African startups such as Grey, Bloom, Plumter, Nash, Lenco, Vault Pay, ChowCentral, and Eden Care. This highlights the accelerator’s sustained commitment to fostering talent and driving technological progress across the continent.

Miden remains devoted to transforming how businesses handle financial transactions in Sub-Saharan Africa. With a notable leadership team, a diverse range of innovative products and services, and the backing of Y Combinator, Miden is well-positioned to accomplish its vision of fintech innovation in the region, introducing new opportunities, forming new partnerships, and maintaining its determination for growth and impact in the future.