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Mono

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“Can a single API become the open banking and identity layer for every African fintech?”

Founded2020
HQLagos, Nigeria
Total raised$17.65M
Latest roundSeries A, 2021
IndustryInfrastructure / Open banking
The story

Founded 2020 as Africa's answer to Plaid — an open banking API connecting bank accounts to fintech apps. Expanded from financial data aggregation into payments (DirectPay, DirectDebit, Global Standing Mandate) and identity verification (Lookup, Prove), positioning as a full open finance infrastructure platform for Nigerian and broader African fintechs.

Last 12 months
2025-05
2026-02
Product timeline
2020
Mono founded in Lagos to build open banking infrastructure for Africa.· pivot
2021
Raised $15M Series A led by Tiger Global.· banking
2022
Partnered with Flutterwave to power Pay with Bank checkout option.· banking
2023
Expanded coverage and added regulatory compliance offerings.· banking
2024
Launched Mono Prove for identity verification and customer onboarding.· banking
Regulated entities
1
regulatory licence held by Mono
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Mono’s embedded-finance stack
Payments / PSP
Mono DirectPay (self-operated)Mono DirectDebit (self-operated)Mono Global Standing Mandate (self-operated)
Open banking
in the full report
FX & payouts
in the full report
Transaction enrichment
in the full report
Accounting gap: minor
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Mono — frequently asked

Who is Mono's payment processor?

Mono processes payments through Mono DirectPay (self-operated), Mono DirectDebit (self-operated) and Mono Global Standing Mandate (self-operated).

Which open banking provider does Mono use?

Mono connects to bank accounts through Mono Connect (self-operated).

Who handles Mono's FX and cross-border payouts?

Mono uses Mono Disburse (self-operated) for FX and cross-border payouts.

What is Mono's embedded finance stack?

The Embedded Finance Index 2026 maps 4 layers in Mono's stack: Payments / PSP (Mono DirectPay (self-operated), Mono DirectDebit (self-operated) and Mono Global Standing Mandate (self-operated)); Open banking (Mono Connect (self-operated)); FX & payouts (Mono Disburse (self-operated)); Transaction enrichment (Mono Data Enrichment (self-operated)).

Where is Mono headquartered?

Mono is founded in 2020 and headquartered in Lagos, Nigeria.

How much funding has Mono raised?

Mono has raised $17.65M in total (latest round: Series A, 2021).

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