Tiger Global backs Africa’s Mono; Payday, Lamma, Nawah get funding

 Tiger Global backs Africa’s Mono; Payday, Lamma, Nawah get funding

Mono, a financial data application programming interface (API) startup, said it has pulled in $15 million in its Series A round—just five months after snagging a $2-million seed funding cheque.

Tiger Global, which backed Flutterwave and FairMoney earlier this year, led the round with participation from new investors Target Global, General Catalyst, and SBI Investment.

Existing investors Entree Capital, Lateral Capital, GPIC, Acuity VC, and Ingressive Capital also pitched in.

Mono had raised a small sum from YC Combinator earlier this year and $500,000 in a pre-seed round last September. The company had raised the pre-seed round from Lateral Capital, an investor in Appzone and Asoko Insights; Ventures Platform, an early backer of Paystack and Kudi; Golden Palm, an investor in Andela and Flutterwave; Rally Cap Ventures; Idriss Bello, an early investor in Flutterwave and Andela; and Olumide Soyombo.

Mono was founded by Abdul Hassan, who is also its CEO, and Prakhar Singh, the CTO. Hassan, who was previously a product manager at Paystack, had joined hands with Singh, a software engineer at Voyance, to help manage multiple bank accounts in one place via an app. But they pivoted to building out the infrastructure instead of the app.


North America- and Rwanda-based fintech Payday has secured $1 million pre-seed funding from a bunch of investors including LoftyInc Capital, Microtraction, Magic Fund, Ventures Platform, Voltron Capital, CcHub Syndicate, Helicarrier Inc and Greencap Equity.

Midlothian Angel Network, Emergence Capital and angel investor Olugbenga Agboola also chipped in.

Launched in June 2021, Payday says it has already processed around $2 million while enabling Africans to send and receive money from friends, family, employers and clients anywhere in the world. The company is led by Favour Ori, who is its founder and CEO.

Lamma City

Tunisian mobility startup Lamma City has raised attracted funding from Orange Ventures, the corporate venture investment arm of the Orange Group.

It offers pool rides and delivery, among other services. The venture recently launched what it calls the Quick Commerce (Q-Commerce) application, which seeks to enhance customer experience in Tunisia by delivering all everyday orders in less than 45 minutes.

The firm is looking to add more cities in the home market besides expanding overseas starting with Morocco early next year.

The startup was co-founded by Yassir El Ismaili El Idrissi (CEO), Hamza Guesmi and Koussi Aymen (COO).

Nawah Scientific

Egyptian life sciences venture Nawah Scientific has raised an undisclosed amount from Essam Abdelhadi, former Abbott executive in Africa, West Asia and Pakistan, who has also joined the advisory board. This comes as Nawah moves closer to sealing its Series A round.

Earlier this year, it had raised $1 million via a mix of equity and debt in its second pre-Series A round led by Egypt Ventures. Alexandria Fund, Cairo Angels, Alex Angels and HULT Alumni Angels had also invested at the time.

Vivek Sinha

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