Mono, a Nigerian API fintech startup has announced that it has raised $500,000 pre-seed funding to become the go-to financial data infrastructure API platform in Africa.
The new investment was raised from Lateral Capital ( Investors in Appzone, Asoko Insights), Ventures Platform (an early backer of Paystack, Kudi, etc), Golden Palm ( Investors in Andela, Flutterwave), Rally cap, Idriss bello (Early investor in Flutterwave and Andela), Olumide Soyombo, and other amazing strategic investors.
Launched less than 2 months ago by Abdulhamid Hassan and Prakhar Singh, Mono enables companies and developers to access financial accounts for historical and real-time transactions, balances, bank statements, credits, and spending patterns of a customer.
On the progress Mono has made in the past 2 months, the startup said in a statement: “We’ve been able to build our MVP, connect with over 16 financial institutions in Nigeria, launched the easiest way to retrieve bank statements with customers and work with amazing clients like Carbon, Anyihealth, Swipe and dozens of developers.”
According to the startup, the new funding will primarily be invested in the following:
- Continue our product efforts to expand coverage of our Data API to include more sources (USSD) and countries. We’re now live in Nigeria and currently testing our beta bank connections in Ghana and Kenya.
- Launch Direct debit in partnership with Payment gateways.
- Develop new API verticals and developer tools. Our mission has always been about making it easier to access data in a simple, elegant and lightning-fast way. More API verticals (e.g. Intelligence insight API) coming soon.
- Hire the core team. Our team is currently three people at the moment, spread across our HQ in Lagos and India. We’re currently hiring for business development as well as select other areas. All current and future openings will be posted here.