8 months ago (October 2020), Prakhar and I started working on a fun project that could help me manage all my bank accounts in one place. We couldn't find the right infrastructure in Nigeria to power the app, so we decided to build one ourselves. When we announced the app on Medium, the developer community started reaching out to use the infrastructure that powers the app. That's when we decided to focus on building out the infrastructure instead of the app.
2 months later, we publicly launched Mono, the infrastructure to power the new set of businesses and developers building apps that require secure and reliable access to financial accounts in Africa.
The present, The future
This infrastructure enables our partners — internet businesses and developers — to build apps that make transfers from their customers' bank accounts instantly, help them understand their users' cash flow with more detailed information, offer convenient credit, and so much more.
For us to continue building out this infrastructure, we need to be backed by global and local investors with a wealth of experience in global API infrastructure standards and Africa's regulatory ecosystem, to help us on this journey to achieve our vision to power the internet economy in Africa.
And that's why I'm excited to share that Mono has raised a $2M Seed round of funding from Entrée Capital (Investors in Stripe, Gusto, Kuda) and Gbenga Oyebode's fund (TCVP), and our existing investors, Lateral Capital, also participated. Finally, Babalola Ogundeyi (CEO of Kuda Bank), and a number of incredible angel investors also joined the round.
This new capital will help us double down on our core platform (Mono Connect) and launch new products and features to ensure Mono is the most powerful — and reliable — way for businesses and developers to access financial accounts in Africa.
Today we celebrate this new milestone with our team and partners. Tomorrow, we continue the work of expanding our platform in Africa, double down on the partners and developer experience, enhance platform capabilities, and most importantly, continue to ensure reliability.
Finally, to the entire community, we’re grateful for the trust you've placed in us and continue to do so. Our mission stays the same, which is to power the internet economy in Africa.
Abdul & Prakhar