Nigerian Open Banking Startup Mono Goes Live In Kenya

Mono, a Nigerian open banking startup that enables companies and developers to access financial accounts for historical and real-time transactions, balances, bank statements, credits, and spending patterns of a customer, is now live in Kenya. 

Mono CEO Abdulhamid Hassan
Mono CEO Abdulhamid Hassan

Services Mono Offers In Kenya

In Kenya, Mono will offer the following services: 

  • Secure access to rich customer financial data (transactions, income, statements) with the Mono Connect API.
  • Coverage across the top 5 financial institutions.
  • Powerful, easy-to-integrate, and documented APIs
  • Developer resources, SDKs, and Libraries
  • Integration assistance.
  • A Dashboard to track your connections, and more
  • Free and easy signup
  • Clear pricing to match your business needs

A Look At What The Startup Does

Launched in August 2020 by Abdulhamid Hassan, ex-Product Manager, Paystack and the Indian Prakhar Singh, who previously founded Transferpay.ng, Mono enables companies and developers to access financial accounts for historical and real-time transactions, balances, bank statements, credits, and spending patterns of a customer.

Read also How Nigerian Mobility Fintech Startup Moove Attracted $20m Investment

Mono claims to currently exist in Nigeria and Kenya as well as testing its beta bank connections in Ghana.

“Our mission has always been about making it easier access data in a simple, elegant and lightning-fast way. More API verticals (e.g. Intelligence insight API) coming soon,” the startup noted in a statement.

According to CEO Abdulhamid Hassan, Mono has two products that give it an advantage over its competitors. First, there’s DirectPay, a service that allows Nigerian businesses to accept bank transfer payments from customers through their website or mobile app without requiring them to use their debit cards.

Secondly, Hassan describes Statement Pages, its other product, as the first of its kind in Africa, allowing businesses to access clients’ financial accounts without the need for a developer.

Read also South African Payments Startup Talk360 Raises $4M Seed Funding Round

The startup also noted that its team is currently spread across its headquarters in Lagos, and India.

Mono open banking Mono open banking

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

Why Investors Poured New $2m In Nigerian Fintech Startup, Mono

Mono, a Lagos-based startup which analyzes financial data for companies, has raised $2 million in seed funding round. The company will use this funding to bolster its current financial data offerings and launch new products for various lines of business. In addition, it is preparing its expansion to Ghana and Kenya in the coming months, with a few clients (including banks) in these two markets.

Abdul Hassan, co-founder and CEO of Mono

“Our expansion is primarily driven by our customers looking to expand into other markets, such as some of our products. We work with our customers and seek to create new experiences for them,” said Abdul Hassan, co-founder and CEO of Mono.

Here Is What You Need To Know

  • Entrée Capital, Kuda co-founder and CEO Babs Ogundeyi, Gbenga Oyebode, partner at TCVP, and Eric Idiahi, co-founder and partner at Verod Capital are among the new round’s investors. After participating in Mono’s pre-seed, VC Lateral Capital, based in New York but based in Africa, also invested in this round.
  • The investment comes eight months after the $500,000 pre-seed fundraiser made by the startup. 
  • This new commitment brings to $2.6 million, the total funds raised to date by the Nigerian fintech. 

Why The Investors Invested

Since January this year. the first call of most VC investments in Nigeria has always been in the fintech sector. In 2019 alone, out of a total of 250 African startup funding deals amounting to a record-breaking $2.02 billion reported by data firm Partech, financial technology companies (fintechs), at 41%, received the lion’s share. It is therefore no surprise that the investors chose Mono. 

Read also:African Fintechs Invited To Participate In FinTech Accelerator 2021. How To Apply

This is even strengthened more by the fact that the investors in Mono’s latest round, such as Lateral Capital and Entrée Capital have their portflios mostly made up of fintech startups. 

Also strengthening its pitch to investors is the fact that even though the startup is playing in a relatively saturated ecosystem — fintech — it is carving out a niche for itself, by going the API way. In April 2020, Okra, a similar API fintech platform, led by Fara Ashiru Jituboh and David Peterside, became the first African API startup to raise $1 million. The number of similar startups doing exactly what Mono is doing and which have raised appreciable funds, has since been on the increase.

Again, the investment was also helped by the fact that Mono’s founders have themselves previously founded successful startups.

Mono’s latest fundraiser also seems to have also been partly influenced by the CEO of Kuda, Babs Ogundeyi’s participation in this round. Late last year, Entrée Capital was part of the investors that participated in Kuda’s $10 million fundraiser. 

Concerning the investment, Avil Eyal, managing partner and co-founder of Entrée Capital, had this to say.

Read also:Ethiopian Fintech Startup ArifPay Gets Backing From Visa

“We are very excited to be working with Abdul, Prakhar and the entire Mono team as they continue to build out the rails for African banking to enable the delivery of financial services to hundreds of millions of people across the African continent.”

A Look At What The Startup Does

Launched in August 2020 by Abdulhamid Hassan, ex-Product Manager, Paystack and the Indian Prakhar Singh, who previously founded Transferpay.ng, Mono enables companies and developers to access financial accounts for historical and real-time transactions, balances, bank statements, credits, and spending patterns of a customer.

Mono claims to currently exist in Nigeria as well as testing its beta bank connections in Ghana and Kenya.

“Our mission has always been about making it easier access data in a simple, elegant and lightning-fast way. More API verticals (e.g. Intelligence insight API) coming soon,” the startup noted in a statement.

The startup also noted that its team is currently spread across its headquarters in Lagos, and India.

Nevertheless, while it appears that the company has found a product-market fit, CEO Abdul Hassan is quick to point out that the emerging API fintech space is just the beginning of the company’s search to become a data company, as he said in February.

“The way I see it, our market is not that big. Compare the payments market now with 2016, when Paystack and Flutterwave just started. The payments space in 2016 was very small and the number of people using cards online was very small,” said Hassan. “It’s the same thing for us right now. That’s why our focus isn’t only on open banking but data. We’re thinking of how we can power the internet economy with data that isn’t necessarily financial data. For instance, think about open data for telcos. Imagine where you can move your data from one telco to another instead of getting a new SIM card and making a fresh registration. That’s where I see the market going, at least for us at Mono.”

fintech Mono fintech Mono fintech Mono

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Less Than Two Months Old, Nigerian Fintech Startup Mono Raises $500k Pre-seed Funding To Build Its Platform

Within a remarkably short period of time, Nigerian API startup Mono has secured $500k pre-seed funding round to further build out its platform. 

“We’re extremely proud of the team’s relentless work…and passion to get to this point. It’s really amazing seeing all the great things that can be achieved with a small, agile, passionate, talented and driven team,” the startup noted in a statement. 

Mono founders, L-R: Abdulhamid Hassan (CEO), Prakhar Singh (CTO).
Mono founders, L-R: Abdulhamid Hassan (CEO), Prakhar Singh (CTO).

Here Is What You Need To Know

  • Investors in this round include Lateral Capital ( Investors in Appzone, Asoko Insights), Ventures Platform (early backer of Paystack, Kudi etc) and Golden Palm ( Investors in Andela, Flutterwave), Rally cap, Idriss bello (Early investor in Flutterwave and Andela), Olumide Soyombo, and other amazing strategic investors.
  • With this new funding, the startup will primarily invest in the following:
  • Continue its product efforts to expand coverage of our Data API to include more sources (USSD) and countries; launch Direct debit in partnership with Payment gateways; develop new API verticals and developer tools; hire the core team. 

Why The Investors Invested

The first call of most VC investments in Africa has always been in the fintech sector. In 2019 alone, out of a total of 250 deals amounting to a record-breaking $2.02 billion reported by data firm Partech, financial technology companies (fintechs), at 41%, received the lion share of the whole investment sum. It is therefore no surprise that the investors chose Mono now. This is even strengthened more by the fact that a majority of the VCs in Mono’s latest round, including Lateral Capital, Ventures Platform and Golden Palm Rally cap have their portofolios mostly made up of successful fintech startups. Also strengthening its pitch to investors is the fact that even though the startup is playing in a relatively saturated ecosystem — fintech — it is carving out a niche for itself, by going the API way. In April 2020, Okra, a similar API fintech platform, led by Fara Ashiru Jituboh and David Peterside, became the first African API startup to raise $1 million from heavy weight VC TLcom Capital, which is also a previous investor in Nigerian edtech startup uLesson and Kenyan agritech startup Twiga Foods.

Again, the investment was also helped by the fact that Mono’s founders have themselves previously founded successful startups. 

“This is the beginning of a love story,” Kyane Kassiri of Lateral Capital tweeted. “Excited to announce that @lateralcap is joining the @mono_HQ journey as its first institutional investor. @ijbkid and @whoisprakhar are tackling a massive opportunity in the API economy request beta access now -> http://withmono.com.”

Read more: How The Coronavirus Has Revealed The Need For More Venture Capital Funding For African Healthcare Startups

A Look At What The Startup Does

Launched in August 2020 by Abdulhamid Hassan, ex-Product Manager, Paystack and the Indian Prakhar Singh, who previously founded Transferpay.ng, Mono enables companies and developers to access financial accounts for historical and real-time transactions, balances, bank statements, credits, and spending patterns of a customer.

“In past 2 months, we’ve been able to build our MVP, connect with over 16 financial institutions in Nigeria, launched the easiest way to retrieve bank statements with customers and work with amazing clients like Carbon, Anyihealth, Swipe and dozens of developers,” the startup further noted in the statement. 

Mono claims to currently exist in Nigeria as well as testing its beta bank connections in Ghana and Kenya.

“Our mission has always been about making it easier access data in a simple, elegant and lightning-fast way. More API verticals (e.g. Intelligence insight API) coming soon,” it further noted.

The startup also noted that its team is currently made up of three people, spread across our HQ in Lagos and India.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer