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Friday, June 18, 2021

Nigerian fintech Mono is taking $125k from Y Combinator after a $500k pre-seed round

American startup accelerator Y Combinator (YC) will have 36 startups participating in its winter 2021 programme. One of the African startups in the group is Mono, a Nigerian fintech building APIs for open banking and simplified financial accounts management.

Mono was founded by Abdulhamid Hassan and Prakhar Singh. They launched the company in August 2020 and a month later, closed a pre-seed round of $500,000. Lateral Capital, Rally Cap Ventures, Golden Palm Investment, and Ventures Platform invested in that round.

They started Mono to give these businesses tools to access customer bank accounts, obtain statements, and set up recurring payments through direct debit. They list Carbon and Flutterwave among their current users and plan to extend their presence beyond Nigeria to Ghana and Kenya.

Mono joins a list of at least 22 Nigerian startups like Paystack, BuyCoins, 54Gene, and Kobo360 who have participated in previous batches of YC’s famed program.

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