Nigerian open banking startup Mono expands to Kenya

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Nigerian fintech startup Mono, which is building open banking infrastructure that enables access to customer financial data and bank payments for digital businesses in Africa, has expanded to Kenya as it begins its post-funding continent-wide rollout.

Founded in August 2020, Mono is an open banking infrastructure company that enables next-generation businesses in Africa to securely access financial data and accept direct bank payments with powerful APIs all on one platform.

Its plug-and-play technology allows customers like Flutterwave, Carbon and Indicina to access a broad range of high-quality financial data from institutions across Africa through a single API. 

The startup, which took part in the W21 batch of the renowned Silicon Valley-based Y Combinator accelerator, secured a US$15 million Series A led by Tiger Global in October of last year to accelerate its continental expansion plans, and has now announced its launch in Kenya.

Mono’s entry into Kenya’s market will enable internet businesses to build innovative solutions and experiences in lending, BNPL, finance and asset management, mobile money, and other areas.

“Kenya is a thriving East African hub for financial services, with a growing pool of businesses building truly innovative financial solutions. Mono will remove complexities and friction by providing reliable infrastructure that new and existing Kenyan businesses can leverage to plug into the internet economy. We’re excited to work with Kenyan businesses to empower them to expand their offerings for customers, become data-informed, and make increasingly accurate business decisions,” said Mono CEO Abdul Hassan.

“This launch in Kenya will be its first foray in East Africa; our first step outside the country we began in, almost two years ago. We’re thrilled to be taking these possibilities that Mono provides into more markets, and we’re excited for all we’re going to learn.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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