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Nigeria s Mono raises millions to power the internet economy in Africa

May 24, 2021, 4:03 am In February, Nigerian fintech startup Mono announced its acceptance into Y Combinator and, at the time, it wanted to build the Plaid for Africa. Three months later, the startup has a different mission: to power the internet economy in Africa. It has closed $2 million in seed investment toward that goal. The investment comes nine months after the company raised $500,000 in pre-seed last September and two months after receiving $125,000 from YC. Mono’s total investment moves up to $2.625 million, and investors in this new round include Entrée Capital (one of the investors in Kuda’s seed round), Kuda co-founder and CEO Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; and Eric Idiahi, co-founder and partner at Verod Capital. New York but Africa-based VC Lateral Capital also invested after taking part in Mono’s pre-seed.

Nigeria s Mono raises millions to power the internet economy in Africa – TechCrunch

Nigeria’s Mono raises millions to power the internet economy in Africa In February, Nigerian fintech startup Mono announced its acceptance into Y Combinator and, at the time, it wanted to build the Plaid for Africa. Three months later, the startup has a different mission: to power the internet economy in Africa and has closed $2 million in seed investment towards that goal. The investment comes nine months after the company raised $500,000 in pre-seed last September and two months after receiving $125,000 from YC. Mono’s total investment moves up to $2.625 million, and investors in this new round include Entrée Capital (one of the investors in Kuda’s seed round), Kuda co-founder and CEO Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; and Eric Idiahi, co-founder and partner at Verod Capital. New York but Africa-based VC Lateral Capital also invested after taking part in Mono’s pre-seed.

Nigerian fintech firm Mono raises $2 million | Premium Times Nigeria

A Nigerian fintech organisation, Mono,announced Monday it has closed a $2 million in seed investment to power the internet economy in Africa. Launched in 2020, Mono helps digital businesses in Africa access their customers’ financial accounts for data and payments. The investment comes just nine months after the company raised $500,000 in pre-seed last September and two months after receiving $125,000 from Y Combinator. The company announced it has received a total of $2.625 million in investments. The investors in this seed round include Entrée Capital; Kuda’s co-founder and CEO, Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; Eric Idiahi, co-founder and partner at Verod Capital; VC Lateral Capital.

DEAL: Nigerian fintech API startup Mono raises $2 million to power the internet economy in Africa

DEAL: Nigerian fintech API startup Mono raises $2 million to power the internet economy in Africa
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How Nigerian FinTech industry is attracting funding from local and foreign investors - Report

“Nigeria FinTech Census 2020: Profiling and defining the fintech sector.” This growth of the sector is reflected in the profile of the firms, the breadth of coverage, the increasing level of global connection and rising levels of profitability. Nigeria is classified as a developing FinTech economy compared to its more mature global peers such as the UK, Singapore, Australia, Sweden and India. It is estimated that Nigeria’s FinTech revenues will reach $543 million by 2022, driven by increasing smartphone penetration and the unbanked populations. In 2019, Nigeria officially recognized its first FinTech unicorn, with Interswitch achieving a valuation of $1 billion based on a $200 million investment from VISA. Following shortly in 2020, Stripe, a US-based financial services company, agreed to buy Paystack in a $200 million deal, just five years after Paystack was launched.

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