Y Combinator a Silicon-Valley-based accelerator has selected Mono, a Nigerian fintech startup to participate in its Winter 2021 program.
This selection also means that the Nigerian fintech startup will access US$125,000 in seed funding with additional support.
Established in August 2020 by Abdul Hassan, the startup supports digital businesses on the African continent to access their customers’ identity and financial data.
Its combination of hardware and software support enables customers such as Carbon and Flutterwave to gain a wide range of top-quality financial data from African institutions via a single API.
Speaking on the selection, Abdul Hassan, Founder and Chief Executive Officer (CEO) of Mono said:
“Mono is the API for financial accounts. Our API enables businesses and developers to build applications that connect with their users’ financial accounts in a manner that is many more times reliable, predictable, performant, and fair than anything else available,”
In 2020, Mono secured US$500,000 in pre-seed funding from angel investors and VCs including Ingressive Capital, Ventures Platform, Rally Cap Ventures.
According to the founder, the seed funding raised was used to build the Mono team and with the additional funding from Y Combinator, the fintech startup plans for further expansion to Kenya and Ghana.
Following the startup’s acceptance into the Y Combinator program, the fintech startup will have access to US$125,000 seed funding and opportunities for further investment by March demo day.
In addition, Mono will receive mentorship support from the program
An overview on Mono
The fintech startup offers users the following product:
- Monoconnect for accessing customer’s financial data.
- Direct debit for seamlessly initiating bank payments
- Statement page for secured bank statement
Mono also offers the following use cases:
Personal finance
Building more engaging personal finance solutions
Account Verification
Simplify verification process by accessing real-time data.
Lending
Boosting risk assessment with higher-quality data.
Accounting
Get real-time data to simplify your account reconciliation.
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