Mono expands its open banking platform in Kenya

Nigerian open-banking startup Mono, which gives customers access to financial data and banking payments for digital businesses across Africa through its infrastructure, has added a Kenyan outpost as the first stage of its growth to the continent-wide fueled by $15 million in funding last fall.

Mono is an open banking infrastructure company that enables African businesses to access financial data and accept direct bank payments with application programming interfaces (APIs) on a single platform, according to the report. Disrupt Africa from Monday July 4th.

Its plug-and-play technology allows customers to access financial data from institutions across the continent via a single API, according to the report.

Business growth in Kenya also means internet businesses can create new offerings and experiences in lending, buy it now, pay later (BNPL), finance and asset management. , mobile money and other areas.

“Kenya is a thriving East African hub for financial services, with a growing number of companies creating truly innovative financial solutions,” said Mono CEO Abdul Hassan. “Mono will remove complexities and frictions by providing reliable infrastructure that new and existing Kenyan businesses can leverage to connect to the internet economy.

“This launch in Kenya will be its first foray into East Africa; our first step out of the country where we started, almost two years ago. We’re excited to take advantage of these possibilities offered by Mono in more markets, and we’re excited about everything we’re about to learn.

In October, Mono raised $15 million in a round led by Tiger Global that also saw participation from existing investors Entree Capital, Lateral Capital, GPIC, Acuity VC and Ingressive Capital. Mono has raised $17.6 million to date.

Related: Tiger Global leads $15m funding in Nigerian startup Open Banking Mono

Mono’s open banking technology enables businesses and individuals to access financial information stored in commercial banks. Mono Connect, the startup’s first product, launched in 2020, gives users the ability to securely link financial accounts and share income, banking and identity data.

The company works with over 200 customers and partners, including Flutterwave, Renmoney, Aella, Credpal, Lendsqr, Float, and Payhippo.



About: More than half of utilities and consumer finance companies have the ability to digitally process all monthly bill payments. The kicker? Only 12% of them do. The Digital Payments Edge, a collaboration between PYMNTS and ACI Worldwide, surveyed 207 billing and collections professionals at these companies to find out why going digital remains elusive.

Michael J. Birnbaum