Data to serve people better
- “In a digital-first world, every business is a fintech [company],” said 500-backed Monnai Co-founder & CEO Pierre Demarche. “These innovations however are supported by fragmented and siloed infrastructure,” he added.
- That’s why Pierre and Ravish Patel founded Monnai one year ago: to connect data, risk insights, and network behavior to not only power fintech decisioning, but to enable it at scale.
- And what a year it has been! Today, the team is already providing data on more than 5 billion consumers across 40 countries in real-time, enabling fintech companies to increase their approval rates with high confidence, and improve fraudulent identity detection by 99%.
- To top off this achievement, on Monnai’s one-year anniversary, the team announced a US$3.5M seed funding round led by Better Tomorrow Ventures with participation from Commerce Ventures, Kearny Jackson, and 9Yards Capital.
- The team will use the new funds to further develop the platform, hire new talent, and continue expanding globally.
- “International markets are challenging for fintechs. While there has been an exponential growth of digital data, merging data sources is very complex, disparate, and probabilistic, which makes it difficult for them to consume it without spending costly engineering resources and time,” Ravish commented.
- “By using the right data from across the customer lifecycle through multiple sources, fintech and merchants can create net new business in a way that is also beneficial for the consumers,” said Pierre.
- Congratulations to the Monnai team!
- Read the full story on VentureBeat.
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