Monnai, a US-based company that offers an infrastructure for consumer insights to financial institutions and FinTech companies, has raised $6.5 million in a series A fundraising round headed by Tiger Global.
In addition, current investors 500 Global and Emphasis Ventures, as well as Better Future Ventures, who oversaw the company’s $3.15 million seed investment six months prior, participated in this round.
The Monnai platform combines data from several sources throughout the world and provides solutions to clients to assist in overcoming regulatory and fraud difficulties. It provides four essential decision-making modules—know your customer, trust and fraud risk assessment, credit decisioning, and collections optimization—through a single application programming interface.
In 2021, Ravish Patel, and Pierre Demarche launched Monnai. After the first year of operations, it had a sharp increase in yearly recurring revenue, and today, in addition to Latin America, India, and the US, it has clients in seven important countries throughout Southeast Asia, where half of its clients are based.
As per reports, the company also disclosed that almost 90% of its staff is dispersed across India, Singapore, Indonesia, and the Philippines and that it is intensifying its hiring efforts in this area.
Co-founder Demarche is enthusiastic about the startup’s potential development in 2023 despite the high risk and insufficient customer insights, particularly in emerging regions.
