Mono has completed a $15 million series A funding round. Tiger Global led the round, which also included Target Global, General Catalyst, and SBI Investments, as well as existing investors Entrée, Acuity, Ingressive, Lateral Capital, and GPIC.
Abdulhamid Hassan, the company’s founder, and CEO stated that the money would allow the company to grow its team in order to assist businesses and developers across Africa in taking advantage of the continent’s open banking and finance revolution.
“Moreover, the newly raised funds will enable us to expand our products to new countries, scale our product development efforts to meet rapidly increasing market demand and support its exponential growth, double our existing connection coverage to over 50 integrations, and launch our bank-to-bank payment initiation offering in Nigeria by the end of the year,” he added.
The company stated that it planned to take open banking a step further by allowing customers to authorize access to all of their digital accounts through banking, offline channels, and traditional methods.
Mono’s ambitions to expand to other African regions and markets will be aided by the funding round, which will allow the company to strengthen its primary product offerings and develop more solutions for African businesses, as well as strengthen its overall infrastructure.