Nigerian open banking startup Mono expands into Kenya

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Nigerian fintech start-up Mono, which is building open banking infrastructure enabling access to customer financial data and bank payments for digital businesses in Africa, has expanded into Kenya as it begins its post- continent-wide financing.

Created 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 a single platform.

Its plug-and-play technology allows clients such as Flutterwave, Carbon and Indicina to access a wide range of high-quality financial data from institutions across Africa via a single API.

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

Mono’s entry into the Kenyan market will enable internet companies to create 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 number of companies creating truly innovative financial solutions. Mono will remove complexities and frictions by providing reliable infrastructure that new and existing Kenyan businesses can leverage to connect to the internet economy. We are excited to work with Kenyan businesses to enable 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 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.

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