Monnai, which claims to be the world’s first global consumer insights infrastructure for financial institutions, has secured $6.5m in its Series A.
Tiger Global served as the lead backer, with commitments also coming from existing investors 500 Global and Emphasis Ventures. Better Tomorrow Ventures, which led Monnai’s seed round, also joined the round.
With the capital injection, Monnai hopes to bolster its go-to-business capabilities in its key markets. Funds will also bolster the development of its proprietary analytics and data ingestion capabilities.
US-based Monnai claims to empower clients to leverage data more efficiently and accurately to improve decision making across the lifecycle of their customers, from onboarding to credit underwriting to all aspects of account transactions.
Through a single API, Monnai helps firms navigate four main pillars, onboarding, trust and fraud risk, credit underwriting and collections.
During its first full year of operations, Monnai claims to have experienced rapid ARR growth and has customers in seven markets across Southeast Asia, India, LatAm and the U.S.
Monnai CEO and co-founder Pierre Demarche said, “In a digital-first world, every business is a fintech. Whether you’re in an established market or an emerging market, there’s an inherent need for clean infrastructure. Businesses globally have been developing strong capabilities using more and more data to make their own decisions.
“The challenge is to get access to the insights that will inform decisions across silos and use cases and in as many useful ways as possible. This is where Monnai comes into play, providing a single source of truth for businesses across entire customer and transaction lifecycles,”.
Monnai previously raised $3.15n in its seed round in September 2022. In total, Monnai has raised a total of $10m in equity.
Tiger Global is no stranger to FinTech investing. It recently joined the $110m Series D funding round of SirionLabs.
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