Mono, a Nigerian fintech startup, has been selected for Y Combinator’s W21 startup accelerator program.
Launched less than 3 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.
This news comes after it closed $500,000 pre-seed investment 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 strategic investors.
Mono CEO Abdulhamid Hassan said he is looking forward to the exciting developments the company is going through. He also believes an affiliation with YC will help dispel doubts about the African market still being riddled with distrust, especially when it comes to putting account details online.
The partnership with Y Combinator is seen as a chance to expedite the startup’s growth and facilitate its expansion into other markets. Currently, Mono’s focus is Nigeria. However, the company aims to further drive product marketing to Kenya and Ghana.
For participating in one of the biggest accelerator programme in the world, Mono will receive $125,000 for 7% equity. It will also have the opportunity to get future investments from Y Combinator and its network of funding partners.