The Series A funding helps Mono reach a $100M valuation. Here are the top-line bullets you need to know.
Mono, an African fintech company, has raised $15M in a Series A. The round drew participation from Acuity Ventures, Tiger Global Management, Entree Capital, and Target Global, among others.
HOW’S THE COMPANY PERFORMING?
- Nigeria-based Mono’s API-enabled open-banking platform connects consumers’ financial data, bank statements, and related information to financial applications.
- The platform has reportedly processed over 200M financial data transactions and catered to more than 270 enterprises. Its client base includes Renmoney, Lendsqr, Flutterwave, and Aella.
- It operates in 3 African countries: Nigeria, Kenya, and Ghana.
- The company’s headcount has doubled to 30 since last year.
WHY DOES THE MARKET MATTER?
- The global market for fintech is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In Q2’21, VCs invested $30.8B in fintech companies — across 657 deals.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.