Nigerian Entrepreneur Raises $2million for His Financial Startup, Mono
- Five investors contribute $2 million into Mono, a Nigerian API startup that give digital businesses access to customer accounts information
- The startup had previously raised $625,000 in two rounds and from different investors
- Mono has helped digital businesses to access over 100,000 financial accounts, while it has analysed over 66 million
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Mono, a Nigerian startup, has raised $2 million from five investors, to help digital businesses to access financial data and accounts of customers. This fundraising is one out of many.
The recent funds was obtained from a seed round, however, the Nigerian API firm, which wires customers and digital businesses together, has conducted two other funding.
The first being a pre-seed fundraising, which saw Mono secure $500,000 in September 2020, and $125,000 two months later. This takes the company's total third party investment capital to $2.62 million.
The $2 million capital was raised from Entrée Capital, VC Lateral Capital, Babs Ogundeyi, Kuda’s co-founder and chief executive officer, TCVP's Gbenga Oyebode and Verod Capital co-founder, Eric Idiahi.
It was gathered from Abdul Hassan, CEO of Mono, that the capital will be disbursed into the expansion of Mono service, which is used by Carbon, Inflow Finance, Aella Credit, Credpal, Autochek, and Renmoney.
Hassan added that:
“Our expansion is mostly inspired by our customers looking to expand to other markets, same with some of our products. We work with our customers to give them the right tools to build new experiences for their customers."
Source: UGC
Avil Eyal, managing partner and co-founder of Entrée Capital, said the company will remain committed in assisting Mono to build African banking for financial inclusion.
"We are very excited to be working with Abdul, Prakhar and the entire Mono team as they continue to build out the rails for African banking to enable the delivery of financial services to hundreds of millions of people across the African continent.”
Mono has analysed over 66 million financial transactions from the over 100,000 financial accounts it has connected its client with.
Meanwhile, Legit.ng had recently reported that hackers attacked DeFi100 website during the weekend, leading to report that the cryptocurrency investors using the platform have been scammed.
It was stated that about $32 million was lost by the investors according to Crypto Whale after the hackers stated that investors funds have been stolen, and there's nothing that can be done about it.
DeFi100 said investors didn't lose up to $32 million as stated by Crypto Whale, stating that investors fund with it is not up $2 million. It also said there will be no scam exit.
Source: Legit.ng
