Probably one of the biggest things in tech this year, budding API fin-tech start-up company, Mono is clearly on to something big barely two months into its life. The fin-tech outfit announced that it has raised $500,000 in its pre-seed funding round. Co-founder Abdul-Hameed Hassan announced via a Medium on Monday this week.
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Mono is an API solution that enables companies and developers to access financial accounts for historical and real-time transactions, balances, bank statements, credits, and spending patterns of a customer. The solution was a brainchild of Prakhar Singh and AbdulHameed Hassan who quit their jobs at more established fin-techs to start and push their own venture early in the year. Hassan was previously product lead at Paystack and Prakhar had previously founded Transferpay.ng.
Originally, the partners set out to build a mobile application that could aggregate customer info across different Nigerian banks, according to Hassan. The API was a tool that allowed that to happen as they could not find one that worked well for them. While they struggled to find customers for their app, the API took off pretty well and informed the decision by the partners to narrow their focus on the API. The beta-version was put out last month.
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According to Techpoint, the pre-seed funding round was led by Lateral Capital, Ventures Platform, Golden Palm Investments, and Rally Cap. Angel investors such as Idris Bello and Olumide Soyombo have gotten on the act.
For the untrained, API’s are software solutions that allow different applications to communicate information between each. According to Mulesoft.com, an API is a messenger that delivers your request to the provider that you’re requesting it from and then delivers the response back to you.
Featured Image Source: Techpoint Africa
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