Mono raises a $15M Serie A round backed by Tiger Global

by Tech in Africa October 11, 2021, 4:48 pm 511 Views

African startup Mono has raised $15 million in a Serie A round led by Tiger Global alongside other participants like Target Global, General Catalyst, and SBI Investment. Several existing investors also took part among them Lateral Capital, Entree Capital, Acuity VC, GPIC, and Ingressive Capital – cumulatively raising Mono’s amount to $17 million over the past year.

Mono is an African fintech company improving access to financial information through open APIs. Companies like Okra, Stitch, Plaid, and OnePipe are also offering customers streamlined financial data into a single API.

We previously covered Mono’s $500,000 pre-seed round and later $2 million seed investment. The previous YC participant is working on a similar business model to Plaid which has gained massive traction in the US market.

Mono initially targeted expansion into the Ghana and Kenya markets but has only established a presence in Ghana where it is piloting with few banks and fintechs like Oze and Tranzo. The startup is looking to make the Kenya move next year. Plans for the South African market are also underway through a partnership with Absa resulting in Mono closing the year with a presence in five countries. Numerically, Mono has processed more than 200 million financial data transactions for over 270 businesses, developers, and fintechs.

This is Tiger Global’s third major African investment after Flutterwave and FairMoney (which completed an impresive $42 million Serie B).