Funds for Fintech Consumer Insight Firm Monnai

Monnai, a consumer insight infrastructure for fintech businesses, has raised $3.15m in a seed round of funding, for use in further developing its platform, for new hires, and continued global expansion. The solution is used by clients in India, Asia and Latin America, with plans to expand into North America.

Founded last year by Pierre Demarche and Ravish Patel, Monnai provides a global infrastructure which delivers customer insights to financial organizations. Built for fintechs, this platform uses more than 350 sources, aggregated and standardised across identity, digital, communication, device and payments data partners. Patel explains that fintechs can connect to Monnai through a single API, creating orthogonal value in their consumer decisioning models, which he claims results in 'increased customer lifetime value and reduced costs'.

New funding has been led by Better Tomorrow Ventures, with participation from Commerce Ventures, Kearny Jackson and 9Yards Capital, bringing the total raised to date to more than $4m, following the firm's 2021 pre-seed raise. Sheel Mohnot, General Partner at Better Tomorrow Ventures, comments: 'We are excited to partner with this team as they bring their unique expertise and relationships developing data and aggregation infrastructure across more than 40 countries'.

Web site: www.monnai.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.