Mono secures $15m Series A to scale bank account business
Managing multiple bank accounts for young adults in Nigeria has relatively become a challenge and Mono, a Nigerian tech company, changing this narrative has secured $15 million in series A funding.
Mono began as a project to tackle the challenge that banking customers faced managing multiple bank accounts and to unite all the accounts on one platform.
“But we couldn’t find an infrastructure to support our use case and Plaid wasn’t available in Africa, so we decided to build the Plaid for Africa, ourselves,” Abdul Hassan, CEO and Founder of Mono, said.
Today, Mono is a technology company that provides businesses with access to high quality financial data and direct bank payments via open banking platform.
Open banking entails giving third parties access to retail banking data. However, Mono’s aim is to take the notion of open banking a step further by giving consumers the ability to grant access to all of their digital accounts across banking (GTBank, Kuda), as well as offline channels (Paga, Kudi), and traditional entities (pension, telco, insurance), among others.
The goal of Open Banking is for traditional banking institutions to give customers more control over their financial data and account information. It lets users securely share their own transaction data with third parties.
“With the digitization that’s happening in commerce across Africa, we believe this is the right time for an Open Banking platform to open up the financial data stored by the banks,” Hassan said.
The funding round was led by Tiger Global with participation from Target Global, General catalyst, and SBI Investments. The company’s existing investors which include Entrée, Acuity, Ingressive, Lateral Capital, and GPIC also participated.
This raise brings Mono’s total outside funding to $17.6M. The company plans to be in five African countries by 2022 with its latest funding.
Mono’s first product offering, Mono Connect, launched in 2020. Connect enables partners to make it possible for their users to securely link their financial accounts to share their data like transactions, bank statements, income, and identity data.
Since launch, the company has grown to service over 200 valued customers and partners including Flutterwave, Renmoney, Aella, Credpal, Lendsqr, Float, Payhippo among others.
To date, Mono has delivered over 200 million units of financial data to its partners.