Tiger Global led $15 M raised by Nigerian fintech startup Mono in Series A funding round
Mono, a Nigerian fintech company that is creating an open banking infrastructure that allows digital businesses in Africa access to consumer financial data and bank payments, has announced a US $15 million Series A investment round led by Tiger Global to help it speed its continental development goals.
Mono, which was founded in August of last year, assists digital firms in Africa in gaining access to their clients’ financial and identification information.
Customers including Flutterwave, Carbon, and Indicina may use its plug-and-play technology to access a wide range of high-quality financial data from institutions all over Africa using a single API.
Mono has had a busy year, having participated in the Y Combinator accelerator programme and just recently announced a US $2 million seed investment in May, and now a US $15 million Series A headed by Tiger Global. Target Global, General Catalyst, SBI Investment, as well as current investors Entrée Capital, Lateral Capital, Ingressive, GPIC, and Acuity, are all participating.
Mono’s ambitions to expand to additional African areas and markets will be aided by the investment round, which will allow the firm to strengthen its main product offerings and develop more solutions for African businesses, as well as strengthen its overall infrastructure.
“What we’ve built, and have continued to build barely a year after we started this journey, will take us closer to our vision of becoming the most robust open banking service provider in Africa. Our new and existing investors understand and believe in our product vision and we are excited to have them on board with us for the next phase of our journey,” said Mono chief executive officer (CEO) Abdul Hassan.
“This new investment round will power all the workings of that next phase. It will help us double down on products and experiences that we can offer growing digital African businesses and by extension, consumers across the continent. It will also aid our ongoing expansion efforts to other African markets like Ghana where we’ve kicked off, and South Africa which is our next stop.”
Mono is developing both the present and future of open financial services for digital firms in Africa, according to John Curtius, a partner at Tiger Global.
“We are excited to be on board with them as they continue to grow rapidly and build innovative products for financial data access and payments, as trailblazers in this new industry across Africa,” he said.
