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Remember how we informed you about Mono’s pre-seed round back in September? Well, it would appear that nothing was the same since as Mono has now gotten backing from the world-renowned incubator program at Y Combinator. The API fintech that has barely turned six months and under five months removed from product release and the pre-seed round will now join YC’s 2021 winter batch alongside 39 other African start-ups.
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The young start-up was officially launched in July 2020 by Abdulhamid Hassan, former product manager at Paystack, and Prakhar Singh, founder at TransferpayNG. We had reported that the API fintech got raised $500k in pre-seed funding in September. The YC incubator program gives access to $125k for the start-ups that get in as well as access to funding from investors and VC’s in the system upon graduation in March. YC’s co-sign is also big credibility for any business that gets it and for Mono that may be more important for its goals in the long term more than funding. Paystack’s stint in the 2016 program did wonders for its brand equity and funding.
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The API allows fintech to access its API for smooth onboarding by way quick account verification, credit history check, spending pattern scrutiny and KYC verification. The API allows this by aggregating information from different banking institutions. Mono has secured partnerships with the likes Renmoney, Carbon and Flutterwave in under six months of operating. Mono’s founders already have their sights set on expanding in other valuable markets in Africa such as Kenya and Ghana. Both founders seem to understand the space within which they operate. CEO Abdulhamid Hassan has more than proven his resilience in the fintech world in the two or three years having founded OkayPay which failed in 2019. Prakhar already exited TransferpayNG before getting into it with Mono. The progress Mono has made is nigh on remarkable and there is a great reason to believe that this company may just be the next fintech come-up story. On the back of YC graduation, there is no telling where things could go for Mono but one gets the feeling it would be tended toward more growth. Source: Tech Crunch   Featured Image Source: Tech Crunch
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This article was first published on 3rd February 2021

david-okwara

Some call me David. Others, Emerie. Others, (unfortunate fellows) Biggie. I like to think that I have sense and that is why I write too. Otherwise, I draw and paint and sing (in the bathroom) and love to make people laugh. I love to understand how things work and that’s why I love DIY videos and YouTube of course. Follow me on Twitter @EmerieOkwara

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