Nigerian fintech startup Mono has been accepted into Silicon Valley-based accelerator Y Combinator’s Winter 2021 batch, banking US$125,000 funding and further support.
Founded in August of last year, Mono helps digital businesses in Africa access their customers’ financial and identity data.
Its plug-and-play technology allows customers like Flutterwave, Carbon and Indicina to access a broad range of high-quality financial data from institutions across Africa through a single API.
“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,” Abdul Hassan, founder and chief executive officer (CEO) of Mono, told Disrupt Africa.
The startup last year raised US$500,000 in pre-seed funding from Ventures Platform, Rally Cap Ventures, Ingressive Capital and a handful of angel investors and VCs, with Hassan saying the money was raised to build out the team, and has now taken on further investment from Y Combinator.
Having been accepted into the renowned programme, Mono will access US$125,000 in seed funding as well as further investment opportunities at a March demo day. It will also receive further support and mentorship from Y Combinator as it plans expansion into Ghana and Kenya.