Mono has announced the completion of a $15m series A funding round led by Tiger Global.
According to the company, this round also had participation from Target Global, General catalyst, and SBI Investments, including existing investors, Entrée, Acuity, Ingressive, Lateral Capital, and GPIC.
This brings Mono’s total outside funding to $17.6m.
In September 2020, the company raised $500,000 in pre-seed investment. Then it took part in Y Combinator’s recent winter batch, where it raised $2m in seed funding.
Founder and Chief Executive Officer, Abdulhamid Hassan, said the funding would allow the company to expand its team in order to help businesses and developers in every corner of Africa take advantage of its open banking and finance revolution.
He said, “In addition, the newly raised funds will enable us to expand our products to new countries, scale our product development efforts to meet rapidly increasing market demand and support its exponential growth, double our existing connection coverage, reaching over 50 integrations, and launch our bank-to-bank payment initiation offering in Nigeria by the end of the year.
“As our ecosystem takes off with new users coming online and startups being created, the data that is being generated, correlated, and used is beneficial not just to the consumer but to all third-party service providers using Mono products.
“Our plan is very simple – continue supporting our valued customers and partners with the most innovative features and solutions on the market to enable access to financial accounts. This starts with the upcoming launch of the much anticipated Mono DirectPay.”
The company said it intended to take open banking a step further by giving consumers the ability to grant access to all of their digital accounts across banking, offline channels, and traditional.