An application programming interface fintech startup, Mono, has raised a pre-seed stage funding from six investors, including; Lateral Capital, Ventures Platform, Golden Palm, Rally cap, Idris Bello, and Olumide Soyombo.
Intentioned to be a key financial and personal data provider in Africa, Mono is building a system that enables permissioned access by developers and businesses, gradually connecting to financial institutions.
Headquartered in Lagos, Nigeria, the startup was founded by Abdul Hassan and Prakhar Singh on Wednesday, July 1, 2020 and has extended its reach to Ghana and Kenya. Its partners include; Carbon, Flutterwave, Indicina, Anyihealth, Zedvance among other developers.
The two-month old platform provides access to historical and real-time transactions, balances, bank statements, credits, direct debit payments and recurring debits on customers’ accounts, and has been successfully connected to Sterling Bank and Alat by Wema Bank here in Nigeria.
“We have stable connections and faster integrations. We also want our customers to use Mono without actually doing anything technical.” Abdul Hassan highlighted, emphasising on the speed and stability of the platform.
The app entails an enrollment process, including; the Mono connect widget and the connect API, allowing logins to financial institutions, so as to access information. Its resources are made up of predictable, self-describing URLs, links, standard Hypertext Transfer Protocol (HTTP) status codes, and authentication, that equally enhances its functions.
Determined to enlighten users and gain market share, the API has been created with contents that elaborates understanding in the fintech market, with continuous innovations and upgrades, seeking to thrive in Africa and beyond.
To place emphasis on this, Abdul Hassan highlighted again, saying; “At a time, people were afraid to put their BVN online. It’s the same thing with Internet banking, and I feel it’s a great thing for us as we can actually create content that helps users understand how they can protect themselves.”
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