Nigerian open banking platform, Mono, announced that it has been accepted into Y Combinator’s Winter 2021 batch. It will receive $125,000 in seed funding with an opportunity to receive a follow-up investment after graduating in March.
With Mono, companies and third-party developers can retrieve vital information like account statements, real-time balance, historical transactions, income, expense, and account owner identification with a single API. Of course, this isn’t without users’ consent as they are required to login with their internet or mobile login credentials before any transaction takes place.
Mono has already secured partnerships with more than 16 financial institutions in Nigeria and has a little over a hundred businesses like Carbon, Renmoney, Flutterwave, and Indicina using its platform. They process about 5 million datasets per hour, the CEO claims.