Moni

moni.africa
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Company Overview

Moni is a fintech company operating in the credit and lending sub-industry. With a presence in Lagos, LA, Nigeria; LA, Nigeria; and remote locations, Moni caters to the financial needs of small businesses across Nigeria, Benin Republic, and Guinea. The company is part of the Y Combinator W22 batch and has a focused approach on providing accessible financial solutions.

Services Offered by Moni

Moni offers a range of financial services designed to meet the credit and lending needs of small businesses. These services include 'Rent Now Pay Later,' float insurance covering loans against theft within business premises and during transit, and a savings feature known as Moni Vault. Moni also provides non-collateral loans, requiring only business information and a commitment to repay. Additionally, the company offers community-powered loans, facilitating group financing using collective responsibility as a form of collateral.

Loan Details

Moni's loan durations range from 24 to 52 weeks and are available to both mobile money agents and other businesses. Mobile money agents can access loans within the app, while other businesses can apply through the website. Moni has successfully disbursed over $5 million in loans, achieving a 99% repayment rate across 11,000 loan units.

Funding and Backers

Moni is backed by Y Combinator (W22), Magic Fund, Ventures Platform, and Voltron Capital, among others. The company's robust support from these reputable investors underscores its credibility and potential in the fintech industry.

Growth Metrics

Within seven months of its launch, Moni has achieved significant growth metrics, including a monthly recurring revenue (MRR) of $72,000, with a consistent 50% month-over-month growth rate. The company's rapid expansion and strong performance metrics highlight its operational efficiency and market demand.

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