Mono secures $15m on its mission to help consumers in Africa link financial accounts

Nigeria-based Mono, which helps consumers connect their financial accounts in a single place, has raised $15m in its Series A.  

The investment was led by Tiger Global, with participation also coming from Target Global, General catalyst and SBI Investments. Existing Mono investors Entrée, Acuity, Ingressive, Lateral Capital and GPIC also committed capital to the round.

The company was started Abdul Hassan and Prakhar Singh as a side project. It would support its other business Muney, which aimed to help solve the issue of managing multiple bank accounts. Mono was designed to be an infrastructure that empowered consumers to access all their digital financial accounts, such as banking, pensions, insurance and more, from a single location.

In a blog, Hassan said, “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.”

The company’s mission is more than banking. It hopes to give access to financial accounts for data from multiple financial and non-financial sources.

With the fresh funds, the company hopes to launch new features, with it set to release its Mono DirectPay solution.

The company launched its Mono Connect solution in 2020, which enables partners to provide customers with the ability to securely link their financial accounts and share data around transactions, bank statements, income, and identity data.

With the close of the round, the FinTech company has raised a total of $17.6m in funding.

Earlier in the year, fellow Nigerian FinTech company OPay reached a $2bn valuation following the close of a $400m funding round. The FinTech company offers mobile payment services, with it claiming to support $3bn in monthly transaction volume.

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.