Group Financing for small businesses across Africa.
Company is active
Event Year: 2022
Company is active
Event Year: 2022
Moni provides financial solutions to small businesses in Africa through group financing. This innovative approach leverages the collective responsibility of the group as collateral, fostering a culture of social accountability that ensures timely loan repayments. Recognizing the vast potential of the African market, which encompasses over 44 million SMBs, Moni offers a unique and effective lending model.
In just seven months since its launch, Moni has achieved impressive traction, boasting $72,000 in monthly recurring revenue (MRR) with a remarkable 50% month-over-month growth rate. The company's commitment to responsible lending is evident in its exceptional 99% repayment rate across 11,000 loan units, with over $5 million disbursed. This performance significantly surpasses the average repayment rates of traditional financial services in Africa, exceeding them by a factor of 15.
Moni's leadership team brings a wealth of experience to the table. CEO Femi's background includes work with the World Bank, specializing in financial services. CTO Dapo previously spearheaded the technology development for one of the largest digital lending applications. The company is backed by prominent investors, including Y Combinator (W22), Magic Fund, Ventures Platform, and Voltron Capital, further validating its potential and market opportunity.
Moni provides financial solutions to small businesses in Africa through group financing. This innovative approach leverages the collective responsibility of the group as collateral, fostering a culture of social accountability that ensures timely loan repayments. Recognizing the vast potential of the African market, which encompasses over 44 million SMBs, Moni offers a unique and effective lending model.
In just seven months since its launch, Moni has achieved impressive traction, boasting $72,000 in monthly recurring revenue (MRR) with a remarkable 50% month-over-month growth rate. The company's commitment to responsible lending is evident in its exceptional 99% repayment rate across 11,000 loan units, with over $5 million disbursed. This performance significantly surpasses the average repayment rates of traditional financial services in Africa, exceeding them by a factor of 15.
Moni's leadership team brings a wealth of experience to the table. CEO Femi's background includes work with the World Bank, specializing in financial services. CTO Dapo previously spearheaded the technology development for one of the largest digital lending applications. The company is backed by prominent investors, including Y Combinator (W22), Magic Fund, Ventures Platform, and Voltron Capital, further validating its potential and market opportunity.
Total Raised: Unknown (Y Combinator backed)
Last Round: Winter 2022
Total Raised: Unknown (Y Combinator backed)
Last Round: Winter 2022
Fintech
Fintech
Fintech -> Credit and Lending
Fintech -> Credit and Lending
Team size: 20
Hiring: No
Team size: 20
Hiring: No
