Moni (Founding)
Funding Details
- Awarder
- YCombinator
- Date Award
- January 14, 2022
- Vertical
- Fintech,Credit and Lending
- Funding URL
- View Funding Page
Company Info
- Founding Year
- 2022
- Company Description
- Moni finances small businesses in groups across Africa. The collective responsibility of the group serves as a collateral on the loan while the social pressure from the members ensures on-time repayment. There are over 44million SMBs in Africa. We launched 7 months ago and we already have $72k MRR growing at 50% MoM. We achieved 99% repayment on 11,000 units of loans with over $5M disbursed. This is 15 times higher than most financial services in Africa. Femi (CEO) worked previously with the World Bank with a focus on financial services while Dapo (CTO) led the development of the technology for one of the largest digital lending apps We are also backed by Y Combinator(W22), Magic Fund, Ventures Platform, Voltron Capital and more.
- Market
- Fintech
- Coinvestors
- YCombinator