Mono announced the close of a $500,000 pre-seed round. An investment to be directed towards it’s Plaid for Africa platform. Investors in this new round are Lateral Capital, Golden Palm, Ventures Platform, and Rally Cap Ventures. Angel investors Olumide Soyombo, and Idriss Bello also took part.
The Nigerian API fintech platform has been operational for two months and remains intent on developing a financial data infrastructure API platform. They disclosed having completed the development of a prototype that has thus far connected with over 16 Nigerian financial institutions. Mono is best placed to retrieve customer bank statements and work with top clients. Some of the companies Mono has signed up with are Anyihealth, Flutterwave, Carbon, and Swipe.
The secured funding will be directed to expand the coverage of data API, USSD to other countries. Mono was founded by Abulhamid and Prakhar Singh. Mono sells its technology as a solution to arduous or subpar APIs by providing tech from a fast and stable platform.
What surprises many is the phenomenal growth the startup has witnessed. Mono has been in the game for two years and has already $500,000 in the bank, a testament of the faith and belief in its product.
Mono has also been on a hiring mission and is poised to launch into two other markets; Kenya and Ghana where they will partner with two banks each. Thus far, Mono’s competitor is Nigeria’s API fintech platform Okra which raised $1 million.