Nigerian open banking fintech Mono has raised $15m in a Series A funding round led by Tiger Global.
New investors who joined the round include Target Global, General catalyst, and SBI Investments.
The round was also joined by the company’s existing investors Entrée, Acuity, Ingressive, Lateral Capital, and GPIC.
Mono plans to use the latest funding to expand its product offering to other countries and invest in product development efforts to meet demands.
The funds will also be used to double Mono’s existing coverage, reach over 50 integrations and launch a bank-to-bank payment initiation offering in Nigeria by the end of 2021.
Announcing the deal, Mono CEO and founder Abdul Hassan said that they wanted ‘to build an app that could manage all our financial accounts in one place, but we couldn’t find an infrastructure to support our use case and Plaid wasn’t available in Africa, so we decided to build the Plaid for Africa, ourselves.’
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Mono offers access to financial accounts for data from multiple financial and non-financial sources.
Its offering includes Mono connect that allows users to share data from a financial account such as transactions, bank statements, income, and identity data.
Mono has plans to launch a new offering, called Mono DirectPay.
It counts Flutterwave, Renmoney, Aella, Credpal, Lendsqr, Float, Payhippo among others as its clients.
Mono currently employs 30 people and plans to use the funding for hiring as well.
Earlier this year, another Nigerian open finance platform Okra completed a seed round of $3.5m led by US-based Susa Ventures.