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Mono receives $2 million investment from Kuda CEO, Lateral Capital, others

Nigerian financial records startup Mono has raised a seed spherical of $2 million from a different of investors including Entrée Capital and Lateral Capital. 

Babs Ogundeyi, co-founder and CEO of Kuda; Gbenga Oyebode, partner at The Continent Challenge Partners; and Eric Idiahi, co-founder and partner at Verod Capital, additionally invested in step with TechCrunch.

Mono used to be founded in 2020 by Abdul Hassan, a dilapidated product supervisor at Paystack, and Prakhar Singh. The firm’s technology enables companies and folk to make get dangle of admission to to financial records, corresponding to account statements, stored at industrial banks. Mono is one amongst out a different of startups increasing open banking alternate choices in Nigeria.

The seed cash provides to the $500,000 Mono raised in September 2020 and the $125,000 obtained as half of the Frigid climate 21 cohort of Y Combinator. Mono used to be one amongst 10 African startups to pitch at YC’s Demo Day in March. Abdul Hassan, the startup’s CEO, quick TechCabal on the time that YC used to be a probability to create strategic connections.

But past making connections, Mono appears to be like to be to be increasing its focal point past financial records. 

“We’re pondering of how we are in a position to energy the get dangle of economy with records that isn’t necessarily financial records,” Hassan talked about.

One thing on his mind is “open records for telcos,” a framework that enables possibilities to with out anguish perambulate their records between mobile community providers. 

Hassan could now not be reached for observation at press time. On the flooring, an open records for telcos concept rings finish to and could neatly be taking a gape to make on the present mobile number portability (MNP) service in Nigeria.

Launched by the Nigeria Communications Commission in April 2013, MNP enables possibilities to freely change community providers whereas maintaining their cellular phone numbers. A consortium of three companies (Interconnect Restricted, Saab Grinteck and Telecordia) at this time acts as the Quantity Portability Clearing Dwelling (NPCH) for the exchange.

Hassan additionally quick TechCrunch that Mono will be going dwell in Ghana by June and that they’ve already purchased 5 banks and MTN Ghana’s mobile cash service as companions.

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