Mono raises $2 million for internet economy in Africa

Nigerian-based fintech start-up company, Mono, is being hailed by investors for conducting another successful seed funding.

Co-Founders of Mono, Abdulhamid Hassan, and Prakhar Singh

Mono was founded in 2020 by Abdulhamid Hassan and Prakhar Singh with the sole aim of helping online businesses within the African continent access their customer’s accounts for data fetching and payments.

Mono carried out a seed investment round that produced $2 million from investors such as Entrèe Capital, Co-Founder of Kuda Bank, Babs Ogundeyi, Gbenga Oyebode of TCVP, and more. Before now, Mono had raised $500,000 in a seed funding round and had received $125,000 from Ycombinator.

Mono has entered into partnerships with multiple financial companies like Renmoney and Inflow Finance in order to access individual banking details for the purpose of analysis.

One of Mono’s Co-Founders, Abdulhamid Hassan also confirmed that some of the funds gathered will be channeled towards the company’s expansion which is inspired by their customers' own needs for expansion.

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