Mono Technologies Nigeria Limited Analysis: $2M Raised
What is Mono Technologies Nigeria Limited?
Mono provides open banking infrastructure for African businesses that need account linking, bank payments, and identity verification. Its product set includes financial data tools, payment rails, and identity verification services under names such as Connect, DirectPay, and Prove. The company reports 5 million linked accounts, 10 billion financial data points processed, and coverage across 100-plus banks and fintechs in three countries.
Location
8 Professor Gabriel Olusanya St, Lekki Phase 1, Lagos, 106104, Nigeria
Employees
51-200
Founded
2020
Revenue
$6.3M - $8.9M
Product Features & Capabilities
- Connect: financial account linking, Statement Pages: no-code bank statement collection, DirectPay: direct bank payment collection, DirectPay Pages: no-code bank payment collection, Percept: corporate finance management solution
Pricing
- Free Trial: 30 days trial, capped at 5 unique accounts.
- Basic Plan: NGN 15,000.00 monthly, capped at 100 unique accounts monthly.
- Add-ons:
- Data Sync: NGN 5 per call.
- Widget Customisation: NGN 50,000 one-time fee.
- White Labelling & Partner’s API: NGN 100,000 one-time fee.
- Premium Support: NGN 15,000 per month.
How much Mono Technologies Nigeria Limited raised
Seed - $2 million
May 24, 2021Lead Investor: Entrée Capital, Gbenga Oyebode's fund (TCVP)
Who are the founders of Mono Technologies Nigeria Limited
AH
Abdul Hassan
Founder, CEO
HQ Full Address
8 Professor Gabriel Olusanya St, Lekki Phase 1, Lagos, 106104, Nigeria
Business Model
Business model focuses on open banking; revenue from transaction fees and data access subscriptions.
Competitors Overview
Mono Technologies Nigeria Limited operates in the financial technology sector, providing access to financial data and direct bank payment solutions. Its main competitors include:
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Zeeh: Focuses on financial data infrastructure and services within the fintech sector, offering a range of products that enable businesses to manage their financial operations effectively.
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Stitch: Provides a platform for connecting financial accounts, allowing businesses to access and utilize financial data seamlessly.
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PiggyVest: Primarily a savings platform, it also offers financial data services and payment solutions, appealing to a consumer base looking for savings and investment options.
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Opay: A digital payment platform that offers various financial services, including fund transfers and cashback on transactions, making it a strong competitor in the payment solutions space.
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Paystack: Known for its payment processing capabilities, it allows businesses to accept payments online and has a strong presence in the Nigerian market.
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Okra: Offers financial data aggregation services, enabling businesses to access customer financial data for better decision-making.
Notable differences include the specific focus of each competitor; for instance, while Zeeh and Stitch emphasize financial data infrastructure, PiggyVest and Opay cater more to consumer financial services. Mono's advantage lies in its direct bank payment solutions, which may offer more seamless integration for businesses compared to some competitors.
Investors
- Tiger Global Management
- Accion Venture Lab
- Y Combinator
- Future Africa
- 4DX Ventures
Market Focus
Mono Technologies Nigeria Limited primarily focuses on the financial technology (fintech) industry, providing businesses with access to financial data and direct bank payment solutions.
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