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Mono.co | Company profile, Business Model, and Operations

Recieved Funding?
yes
Type of Funding
Angel investors, Venture capital, Series B Funding, Seed funding
Number of Funding Phases
5
Business Type
Private Company

All you need to know about Mono.co

About Us

Mono is a technology company that uses open banking as a layer for financial data, identity data, and bank transfer payments for businesses in other to power the digital economy in Africa.

Mono is one of three API fintech companies to have raised a seed investment this year.

Our History

Launched in August 2020, the company streamlines various financial data in a single API for companies and third-party developers. Mono allows them to retrieve information like account statements, real-time balance, historical transactions, income, expenses and account owner identification with users’ consent.

In a region where more than half of the population is either unbanked or underbanked, open finance players like Mono are trying to improve financial inclusion and connectivity on the continent.

Open finance thrives on the notion that access to a financial ecosystem via open APIs and new routes to move money, access financial information and make borrowing decisions reduces the barriers and costs of entry for the underbanked.

Nigerian API fintech startup closed $2 million in seed investment to charge the African Internet economy, after announcing its acceptance into Y Combinator’s Winter 2021 batch in February.

Recall that in September 2020, the startup raised $500k pre-seed with plans to build Plaid for Africa.

Our Vision

to power businesses with access to financial data, and more recently, direct bank payments, to create better financial experiences for their customers has progressed with a lot of learning.

Our Mission

to power the digital economy in Africa, using open banking as a layer for financial data, identity data, and bank transfer payments for businesses.

Our Core Values

trust, access, and security

Our Services

Mono helps businesses to access high-quality financial data and direct bank payments.

Enabling African businesses to access financial data, initiate bank payments, and build financial products.

Our Business Model

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 partnership with payment gateways in Nigeria like Flutterwave, Mono also has the capabilities to initiate direct debit payments and recurring debits on customers’ accounts.

Company Co-founders
Umar Faruq Akinwunmi
Abdulhamid Hassan
Related Topics

Mono.co
Business Model

The Company major services and product include: Financial Software

The Company was Founded
The Company was established on
May 12, 2020
HeadQuarters
The Company has its Operational Headquarters at 8 Professor Gabriel Olusanya St, Lekki Phase I, Lekki 106104, Lagos
Industry
The Company is contributing to the development of the Industry Finance, Financial Software
Staff Strength since Inception
The Company prides in her team member of about 51 - 100 active members

Mono.co Business Model

The Company major services and product include: Financial Software

yes
Have they recieved Funding from VCs
yes
Have they recieved Funding from VCs
yes
How many number of Funding rounds?
.625 million
Company Net worth as of 2023

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