Mono, a Nigerian fintech startup that is establishing open banking infrastructure to allow digital businesses in Africa access to client financial data and bank payments, has moved to Kenya as part of its post-funding continent-wide rollout.
Mono, which was founded in August 2020, is an open banking infrastructure firm that enables next-generation African businesses to securely access financial data and accept direct bank payments using sophisticated APIs on a single platform.
Customers such as Flutterwave, Carbon, and Indicina can use its plug-and-play technology to access a wide range of high-quality financial data from institutions across Africa via a single API.
The startup, which was a part of the renowned Silicon Valley-based Y Combinator’s W21 cohort, received a US$15 million Series A lead by Tiger Global in October of last year to speed its continental expansion aspirations.
With Mono’s arrival into the Kenyan market, internet businesses will be able to provide novel products and experiences in lending, BNPL, finance and asset management, mobile money, and other areas.
“Kenya is a thriving East African hub for financial services, with a growing pool of businesses building truly innovative financial solutions. Mono will remove complexities and friction by providing reliable infrastructure that new and existing Kenyan businesses can leverage to plug into the internet economy. We’re excited to work with Kenyan businesses to empower them to expand their offerings for customers, become data-informed, and make increasingly accurate business decisions,” said Mono CEO Abdul Hassan.
“This launch in Kenya will be its first foray in East Africa; our first step outside the country we began in, almost two years ago. We’re thrilled to be taking these possibilities that Mono provides into more markets, and we’re excited for all we’re going to learn.”