Mono

History

2021: Raising $15 million

October 11, 2021 African fintech-startup Mono announced the holding of Series A in the amount of $15 million. This round followed a $2 million sowing fund raised in May 2021.

An American investment company with Russian roots Tiger Global led this round. The portfolio of this fund includes FoodFox, Cian.ru, Rapyd, TimePad and other startups. SBI Investment, Target Global and General Catalyst also participated in Mono financing. Other investors returning to the company include Ingressive Capital, Entree Capital, Golden Palm Investment Corporation, Lateral Capital and Acuity VC.

Fund with Russian roots Target Global invested in African fintech platform Mono

Mono is an API fintech that serves as a source of financial data. The company combines data such as revenues, account statements, real-time balance, customer spending models and historical transactions into a single API for financial companies and third-party developers.

According to Mono CEO Abdulhamid Hassan, Mono not only collaborates with 270 companies and developers, processing more than 200 million financial transactions, but also sees a 45-fold increase in bank account connections and a 10-fold increase in revenue since preliminary sowing in May 2021. Coupled with a recent expansion in Ghana and a planned exit to Kenya, South Africa and Egypt, Hassan says most of Mono's moves are based on customer requests as they have gained a reputation among customers. Thanks to the funding received, the company plans to develop solutions for non-technological and traditional industries and to gain a foothold in five African countries by 2022.

Mono is also striving for vertical expansion as the company vows to offer enterprise solutions for FMCG, law firms, non-technical and traditional industries with the ability to manage large transaction volumes.^[1]

Notes