Monnai Secures $6.5 Million Series A Funding Led by Tiger Global
Driven by strong market momentum and customer traction, Monnai, provider of the world’s first global consumer insights infrastructure for financial institutions, today announced a $6.5 million Series A funding round led by Tiger Global. Better Tomorrow Ventures, which led the company’s seed round six months earlier, also participated, as well as other existing investors including 500 Global and Emphasis Ventures (EMVC). Since its founding in August 2021, Monnai has raised more than $10 million.
By providing fintechs and financial institutions with an innovative, modern global infrastructure, Monnai empowers its clients to more efficiently and accurately leverage data to make decisions throughout the lifecycle of their customers, from onboarding to credit underwriting to all aspects of account transactions.
“In a digital-first world, every business is a fintech. Whether you’re in an established market or an emerging market, there’s an inherent need for clean infrastructure. Businesses globally have been developing strong capabilities using more and more data to make their own decisions. The challenge is to get access to the insights that will inform decisions across silos and use cases and in as many useful ways as possible. This is where Monnai comes into play, providing a single source of truth for businesses across entire customer and transactions lifecycles,” said Monnai CEO and co-founder Pierre Demarche.
Monnai’s platform seamlessly integrates the increasing number of disparate data sources across the globe and provides its customers with tools to navigate the increasing fraud and evolving regulatory landscapes. This adaptive infrastructure delivers four key decisioning modules — Know Your Customer, Trust & Fraud Risk, Credit Decisioning and Collections Optimization — through a single API. The resulting infrastructure leverages more than 350 contextual insights including payment, communication, device, identity, etc. The company developed unique technologies that enable a low code/no code dynamic aggregation, normalization and contextualization of data sets, across silos and borders, leading to better analytics and a faster ingestion, modeling and implementation of alternative data for customers.
“Monnai stands out for its unique ability to simplify in one seamless platform the complex web of information sources businesses must navigate to best make decisions,” said Alex Cook, Partner, Tiger Global. “We are thrilled to support their mission of scaling this solution further, which we believe will be a key enabler to the growth of the fintech market as a whole.”
“We are excited to have a seasoned partner like Tiger Global who shares our vision and who will help accelerate our growth trajectory,” Demarche said.
He added, “We have seen an unprecedented need for a common and standardized infrastructure that can solve some of the most mission-critical problems facing fintechs today. I am incredibly proud of the rapid growth we have achieved in our first 18 months and am grateful for our team’s hard work and for the trust of our customers.”
In its first complete year of operations, Monnai reported rapid ARR growth and already has customers live in seven key markets across Southeast Asia, India, Latam and the U.S.
Monnai co-founder and CPO Ravish Patel added that the company is poised for even stronger growth in 2023, “It is more crucial than ever to provide businesses with ubiquitous technologies that are easy to integrate and that translate into instant benefits with clear ROI, such as increased conversion, or reduced losses. This is especially true for emerging markets, where rapid innovation and access to financial services is met with high risk and limited consumer insights.”
The new round of funding will go toward accelerating the company’s go-to business capabilities in its key markets and further development of proprietary analytics and data ingestion capabilities.
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