How Mono Builds Financial Rails for Africa’s Digital Economy

Startups in Africa often struggle to access financial data or process bank payments. Mono fixes that. The company connects banks to apps via one API. That lets firms onboard users, check credit, and collect payments in a few lines of code.

Founded in 2020 by Abdulhamid Hassan and Prakhar Singh, both former fintech product managers, Mono aimed to do for Africa what Plaid did in the U.S. Their first product pulled transaction history, balances, and statements. Soon after, they added DirectPay—to let businesses collect bank transfers without credit cards.

From Weekend Hack to Y Combinator

Abdulhamid tested the idea on weekends. When businesses asked for an API—not the prototype app—they doubled down. In late 2020 Mono raised $500,000 in pre-seed funding and joined Y Combinator’s Winter 2021 batch. That gave them $125,000 and global mentorship. Soon after, they added KYC, real-time access, and recurring payments to the platform.

Heavy-Duty Open Finance

Mono’s platform now powers over 200 businesses, including Flutterwave, Carbon and OnePipe. It has pulled more than 200 million data points from Nigerian banks. The platform also supports recurring debits and fund flows via partners like Flutterwave.

Their Series A in October 2021 delivered $15 million led by Tiger Global, joining Target Global and General Catalyst. That brought total funding to $17.6 million. The team planned to expand across Africa—testing connections in Ghana and Kenya, with South Africa down the road.

Simplifying Onboarding and Credit

Mono’s offering includes a statement page feature. It creates a link fintechs embed in their apps. When customers click it, Mono securely retrieves their banking data. Abdulhamid calls this “100 percent developer-less integration.” Startups can use that data for credit scoring, loan offers, and spending analysis.

That tool makes onboarding smoother. No manual uploads. No fragmented flows. And for recurring payments, DirectPay helps firms collect subscriptions or installment plans via bank.

Trust Through Tech Choices

In financial services, trust is built step by step. Mono began with simple, reliable connections. They didn’t chase flashy features until customer needs emerged. Abdulhamid rejects flashy promises. Instead, he focuses on stability, speed, and clear value for developers and end users alike.

Scaling Methodically Across Borders

With funding secured, Mono entered Ghana and Kenya pilots. They connected with local banks, built developer docs, and tailored onboarding support. Abdulhamid says demand often leads the way: developers in new markets ask for Mono before the team reaches out.

Business regulations vary by country. Mono is careful not to move ahead until licensing and technical integration are solid.

Challenges Ahead

African banking systems are fragmented and under-regulated. Mono must keep adapting to new APIs and reverse-engineering legacy systems. That takes engineering time and attention.

They also compete with Okra, Stitch, Onepipe, and emerging players. Mono sets itself apart through reliability and tools like statement pages and DirectPay.

Backing for the Journey

Investors are betting on Mono’s path. Tiger Global’s investment was a statement. YC gave global visibility. And repeat backers like General Catalyst confirm trust in the team. The startup now counts over 30 employees across product, engineering, operations, and developer success roles.

What Comes Next

Mono plans deeper data insights, like credit scoring modules and spending pattern analysis. They also intend to roll out open finance tools across more countries. With Africa moving toward open-banking regulations, Mono wants to be the aggregator.

Abdulhamid maintains a conservative stance on expansion. He won’t launch just to tick boxes. He looks for product-market fit first.

Delivering Practical Value

For African startups, Mono is more than an API. It enables rapid innovation—from instant onboarding to data-driven lending. The company enables startups to focus on product, not bank connections.

Steady Growth Over Flash

Mono’s story is quiet but meaningful. It’s about addressing a real problem in emerging markets. The team builds steadily—not chasing headlines or hype.

The wider vision involves embedding Mono into the backbone of digital finance in Africa. If they succeed, they’ll have built infrastructure that supports millions of users and thousands of businesses.

Mono is reshaping access to financial services in Africa. It makes apps smarter and business processes easier. And in doing so, it lays the groundwork for an ecosystem where access to data, not barriers, defines success.

Abdulhamid Hassan, Founder & CEO, Mono

We couldn’t find an API that could do what we wanted, so we built it—and now companies rely on us across countries.