Established in 2020 by Prakhar Singh and former Paystack employee Abdul Hassan, Mono is a Nigerian fintech start-up that enables businesses in Nigeria to access the financial accounts of their customers.
Via fast account verification, credit history search, spending pattern, and KYC in general, the Mono API enables fintech businesses to run a seamless onboarding process. This can be achieved by collecting a range of financial data from various banks.
Companies and third-party developers can retrieve critical details such as account statements, real-time balance, historical transactions, sales, cost and account owner recognition by streamlining different data in a single API.
In 2020, early-stage investors such as Lateral Capital, Ventures Network, Golden Palm Investments, Rally Cap, and some other investors have closed a $500,000 pre-seed investment.
Mono has secured partnerships with various financial institutions in Nigeria with companies including Flutterwave, Renmoney, and Carbon currently using its platform, .
The start-up has disclosed that it has been accepted for the Winter 2021 batch of Y Combinator. With the potential to receive follow-up investments in March, Mono will receive $125,000 in seed funding.
Its admission into YC, according to the CEO, Abdul Hassan, is an opportunity to affirm the reputation of Mono while also positioning the start-up for global recognition.
The start-up will also use the opportunity to push marketing and and further its expansion plans to Kenya and Ghana.