Monnai, a San Francisco-based company that provides a consumer insights platform for financial organizations, has raised $6.5 million in a Series A funding round, bringing its total raised to nearly $10 million.
The round was led by Tiger Global, a New York-based investment firm, with participation from existing investors including Better Tomorrow Ventures, 500 Global, and Emphasis Ventures.
The funding will be used to enhance Monnai’s AI-driven decisioning capabilities and to expand its business capabilities in emerging markets. The company also plans to continue developing its proprietary analytics and data ingestion capabilities.
Monnai’s platform provides a single source of truth for businesses across entire customer and transaction lifecycles, helping businesses globally to make informed decisions using data. The company’s AI-driven decisioning engine detects fake digital identities used by fraudsters, helping its customers identify specific fraud attempts that have historically been challenging.
In addition, Monnai is developing new explainable AI features that provide more granular and personalized reason codes for transactions.
“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,” said Pierre Demarche, Monnai’s CEO and co-founder.
Founded in 2021, Monnai operates across Asia, India, and Latin America, and enables fintechs to efficiently navigate the four key pillars of onboarding, trust and fraud risk, credit underwriting, and collections. The company’s technologies enable low code and no code dynamic aggregation, normalization, and contextualization of data sets.
Monnai’s platform is designed to help financial institutions and fintech companies better understand their customers, improve risk management, and make data-driven decisions. With the latest funding round, Monnai aims to expand its reach in emerging markets, where the demand for innovative financial solutions is rapidly growing. The company has already established a strong presence in Asia, India, and Latin America, and plans to continue its global expansion in the coming years.
