Nigerian Fintech startup, Mono, secures $500k pre-seed funding

Mono, an API Fintech startup, has just secured $500,000 pre-seed funding from Lateral Capital, Ventures Platform and Golden Palm. Other investors include Rally cap, Idriss bello, Olumide Soyombo.

With this new funding, Mono intends to primarily invest in the following:

Mono intends to be the go-to financial data infrastructure API platform in Africa; to be the Plaid for Africa. Mono provides a way to get access to your customers’ financial accounts for account statement, account balance, transactions, account verification and initiate bank to bank payments.

• Continue its product efforts to expand coverage of our Data API to include more sources (USSD) and countries. The company is now live in Nigeria and currently testing its beta bank connections in Ghana and Kenya.
• Launch Direct debit in partnership with Payment gateways.
• Develop new API verticals and developer tools. It says its mission has always been about making it easier access data in a simple, elegant and lightning-fast way. More API verticals (e.g. Intelligence insight API) coming soon.
• Hire the core team. The Mono team is currently three people at the moment, spread across its headquarters in Lagos and India. So it is currently hiring for business development as well as select other areas.

Founded by Abdulhamid Hassan, ex-Product Manager, Paystack and Prakhar Singh, who previously founded transferpay.ng, Mono launched in August 2020.