Monnai, which provides a consumer insights platform for financial organisations, has netted $6.5 million in Series A funding. The investment round was led by New York-based Tiger Global that invested in Snyk and WATI among others, alongside participation from existing investors, including Better Tomorrow Ventures, 500 Global, and Emphasis Ventures (EMVC).
With this round, the new investment brings the total raised by Monnai accounts for nearly $10 million. The company will use the funding to bolster its AI-driven decisioning capabilities. Also, it will enhance its business capabilities in emerging markets and continue developing its proprietary analytics and data ingestion capabilities.
“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 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.”
Monnai co-founder and CPO Ravish Patel added that the company is poised for even stronger growth in 2023, He said, “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.”
Offers AI-based decision-making to fintechs
Monnai was founded in 2021 by Ravish Patel and Pierre Demarche. Headquartered in San Francisco, the company operates across Asia, India, and Latin America. The platform 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 over 350 contextual insights, including payment, communication, device, identity, etc. The company’s technologies enable low code/no code dynamic aggregation, normalisation, and contextualisation of data sets.
The company launched its first AI-driven decisioning engine, which uses rules and supervised models to detect fake digital identities used by fraudsters. This helps its customers identify specific fraud attempts that have historically been challenging such as promotion abuse and new account fraud. In addition to this, Monnai has been developing new explainable AI (XAI) features providing more granular and personalised reason codes for transactions.
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