Mono is a FinTech platform that allows companies to access their customers’ financial accounts. By combining multiple data into a single API, companies and third-party developers can get critical information such as account statements, real-time balances, historical transactions, income, spending, and account owner identification.
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Mono was launched by Prakhar Singh and ex-Paystack employee Abdul Hassan in August 2020 after a series of tests and iterations. Due to the population of unbanked or underbanked individuals in the country, Mono is on a mission to promote financial inclusion.
It works with the idea that by providing unbanked and underbanked people with access to a financial ecosystem via open APIs and innovative ways to move money, access financial information, and make borrowing decisions, the barriers and costs of entry will be reduced.
Even better, Mono is incorporating open banking in its service. For Hassan, however, Mono is more than just an open finance or banking platform.
“Today, we’re concerned about how we can get data from different sources and aggregate it into a database where businesses can get access to them with our users’ consent. Down the line, we can use this data for different use cases and solve various problems,”
he told TechCrunch.
Mono has partnered with over 16 financial institutions in Nigeria and has over a hundred firms using its platform, including Carbon, Renmoney, Flutterwave, and Indicina. According to the CEO, they process 5 million data sets every hour.
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Speaking on the platform’s offerings, Hassan told TechCrunch:
“First, we’ve enabled companies with a new infrastructure that allows them to get access to customers’ financial accounts and understand their history before giving them loans or any financial service. Now, we think with the new generation of companies coming up in Africa, Mono will be the one to power their onboarding processes.”
Not only has Mono been immensely successful within a short time of its launch, but it has also received funding from the American startup accelerator Y Combinator amounting to $2.625 million. Mono is also contemplating a pan-African expansion to Ghana and Kenya, which it appears will happen before the end of the year. A seed round is in the works to help set up the company for growth and the recruiting spree that comes with it.
Featured Image Source: Nairametrics
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