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Nigeria-based Mono gets backing from Y Combinator Wednesday 3 February 2021 13:28 CET | News Nigeria-based Mono, a startup that helps fintech companies to run onboarding processes through KYC in general, gets backing from Y Combinator. It will join 39 other African startups already in the accelerator’s portfolio. Mono currently has a USD 500,000 pre-seed backing from VCs like Lateral Capital, Ventures Platform, Golden Palm Investments, Rally Cap, and some angel investors. By getting into Y Combinator, the startup will have access to USD 125,000 seed fund and other investment op...

Share this article American startup accelerator Y Combinator (YC) will have 36 startups participating in its winter 2021 programme. One of the African startups in the group is Mono, a Nigerian fintech building APIs for open banking and simplified financial accounts management. Mono was founded by Abdulhamid Hassan and Prakhar Singh. They launched the company in August 2020 and a month later, closed a pre-seed round of $500,000. Lateral Capital, Rally Cap Ventures, Golden Palm Investment, and Ventures Platform invested in that round. After leaving a product manager role at Paystack in 2019, Ha...

Mono, a startup that wants to build Plaid for Africa, gets backing from Y Combinator Prakhar Singh and ex-Paystack employee Abdul Hassan have known each other for seven years, building different tech products individually and collectively along the way. Before joining Paystack in 2018, Hassan co-founded payments startup OyaPay the year before. After leaving the Stripe-owned company in 2019, he launched a data startup called Voyance where Singh, who had already exited one of his products — Transferpay.ng, an offline payments startup — was a software engineer. Last June, the duo started wor...

Early-stage African VC firm Microtraction reports portfolio boom despite the weight of COVID-19 In a year marred by the coronavirus pandemic, it seems that early-stage startups on the African continent are continuing to see some notable growth, both in terms of their business and from investors looking to back them.  Microtraction, an early-stage venture capital firm based in Lagos, Nigeria, saw funding nearly quadruple for its portfolio. In a review of the year published last week, the firm noted that 21 companies in its portfolio have raised more than $33 million in funding. This represent...

VPF & National Endowment for Democracy call for tech solutions to protect Nigerians’ human rights during COVID-19 response Ventures Platform Foundation (VPF), the social impact arm of Ventures Platform Hub, has launched a call for applications for its latest incubation programme, Gov Labs – a 12-week programme for tech solutions implementing accountability and transparency within the Nigerian government’s COVID-19 response. Created with support from the National Endowment for Democracy (NED), the new initiative will support Civil Society Organizations from across Nigeria as they build i...