Monnai’s curated approach to consumer insights that shows strong market interest
Money, provider of the world’s first global consumer insight infrastructure for financial institutions, today announced first quarter results that demonstrate significant revenue growth and a commitment to the markets they serve with new hires and strategic investments.
Monnai started 2023 extremely quickly, building, hiring and scaling beyond expectations. As of the end of March 2023, more than 4 new products have been shipped, which guides the decision of customers, everything from onboarding and credit guarantee to all aspects of account transactions.
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In particular, it is with fintech organizations that face common challenges around lending decisions, online fraud and coverage depth of New to Credit (NTC) users that the company grew the most, increasing the number of new customers signed quarter over quarter by an impressive 150%. Furthermore, the company continued a steady and thoughtful expansion of its team, adding 20% more employees in the same quarter, to increase future growth capacity.
Less than 6 months after seed funding, Monnai in March also raised a $6.5 million Series A funding round led by Tiger Global and has garnered significant industry interest as it deploys resources in key markets such as Southeast Asia.
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Since its establishment in 2021, Monnai has opened offices and hired top talent from the fintech industry worldwide, building a transformative technology that drives fintechs to efficiently and accurately leverage data to make decisions throughout the customer lifecycle.
In a very short time, the company has emerged as the preferred solution for fintech companies looking for deeper insights and analytics into their customers.
Searchlight on Indonesia
Estimated to represent more than $140 billion, the Southeast Asian digital economy is expected to grow at an impressive 17.1% rate over the next 5 years, largely outpacing the growth of markets such as the US and Europe. Subsequent industry challenges ranging from the rise of online fraud, to fragmentation and disparity between identity standards and customer data have been natural areas of focus for Monnai.
On 10 April, Monnai appointed Riza Kristanto as the country’s director for Indonesia. Kristanto is an experienced business manager with extensive experience in the credit score and credit data ecosystem. He joins Monnai from his previous role as Senior Vice President at PEFINDO Biro Kredit (idScore), one of Indonesia’s leading financial services providers and largest credit bureau.
“With digital payments already exceeding USD 80 billion in Indonesia, we see a need for efficient infrastructure that provides access to insights and analytics across a diverse set of demographics to unlock massive growth opportunities in the financial sector,” said Riza Kristanto, Monnai Country Director for Indonesia. “In Indonesia and as in many other countries, the challenge is to access the insights that will inform decisions across silos and use cases, complementing the functions built by businesses.”
Monnai’s global, hyperlocal approach
According to Monnai CPO and co-founder Ravish Patel, “Monnai’s vision to become the single source of truth for fintech decisions globally requires creating a global infrastructure as standard. Whether customers are local, regional or global, they must have the ability to grow and expand with Monnai’s infrastructure ubiquitously enabling all cross-border transactions.”
Monnai takes a cross-lifecycle approach to consumer insights for fintechs, providing a holistic view of consumer transactions across silos and use cases. Leveraging multidimensional insights and AI models across the largest combination of alternative data sources, including phone, email, device, location, identity, payment, income, employment and many other data points, Monnai provides fintech organizations with unprecedented variety and depth of analytics that deliver more value to customers and can be implemented across multiple use cases, including customer acquisition, identity verification, trust, credit risk and collection optimization.
Demarche and Patel continue to grow Monnai, knowing that many fintechs neither want nor need a “one size fits all” approach, and mobile-first digital markets have a unique set of demographics and massive growth opportunities to increase access to financial services .
Demarche said: “At Monnai, we believe these trends apply to fintech companies across Asia and Latin America, which want to grow quickly and operate efficiently. As fintechs in these markets look to scale their operations regionally and enable cross-border transactions or drive local efficiencies. , they will also need access to ubiquitous and timely consumer insights, decision technology and analytics to engage the most profitable users, reduce fraud/compliance risk and grow their business.”
Monnai will have a selected panel presence at Money 20/20 Europe, 6-8. June in Amsterdam, with Demarche talking about “Evolution of Identity”.
About Monnai
Monnai is a global consumer insight infrastructure that enables fintechs to effectively navigate the four key pillars of onboarding, trust and fraud risk, credit underwriting and collection. By connecting disparate data, identity and network behavior into a single API, Monnai’s technology enables customers to grow quickly and securely – anywhere in the world. Headquartered in San Francisco with a footprint across Asia, India and Latin America, the company was founded in 2021 by Pierre Demarche and Ravish Patel.
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