Monnai Accelerates Growth with �Global, Yet Hyper Local� Approach to Fintech Decision-Making

Monnai�s Curated Approach to Consumer Insights Showing Strong Market Interest

SAN FRANCISCO–(BUSINESS WIRE)–Monnai, provider of the world’s first global consumer insights infrastructure for financial institutions, today announced Q1 results that demonstrate significant revenue growth and a commitment to the markets they serve with new hires and strategic investments.

Monnai started 2023 extremely fast, building, hiring and scaling beyond expectations. As of the end of March 2023, there have been more than 4 new products shipped, powering the decision from customers ranging from onboarding and credit underwriting to all aspects of account transactions.

Notably, it’s with fintech organizations facing common challenges around lending decisioning, online fraud and depth of coverage on New to Credit users (NTC) that the company grew the most, increasing the number of new customers signed quarter over quarter by an impressive 150%. Further, the company continued a steady and thoughtful expansion of the team, adding 20% more employees in the same quarter, in order to increase future growth capacity.

Less than 6 months after its seed funding, in March Monnai also successfully 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 like Southeast Asia.

Since its founding in 2021, Monnai has opened offices and hired top talent from the fintech industry across the globe and has built a transformative technology that powers fintechs to efficiently and accurately leverage data to make decisions across the entire customer lifecycle.

In a very short time, the company has emerged as the solution of choice for fintech firms looking for deeper insights and analytics into their customers.

Spotlight on Indonesia

Estimated to represent more than $140 billion, the Southeast Asian digital economy is expected to grow by an impressive 17.1% rate over the next 5 years, largely surpassing the growth in markets like the US and Europe. Consequent Industry challenges ranging from the rise of online fraud, to the fragmentation and disparity of identity standards and customer data have been natural focus areas for Monnai.

On April 10, Monnai appointed Riza Kristanto as its Country Director for Indonesia. Kristanto is a seasoned business leader 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 US$80 billion in Indonesia, we are seeing a need for efficient infrastructure providing access to insights and analytics into a diverse set of demographics to unlock massive growth opportunities in the financial services space,” said Riza Kristanto, Monnai Country Director for Indonesia. “In Indonesia and like in many other countries the challenge is to get access to the insights that will inform decisions across silos and use cases, complementing the capabilities 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 decisioning globally requires creating a global infrastructure by default. Whether customers are local, regional or global they must have the ability to grow and expand with Monnai’s infrastructure ubiquitously and enable any 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 multi-dimensional insights and AI models through the largest combination of alternate data sources, including phone, email, device, location, identity, payment, income, employment, and many other data points, Monnai provides fintech organizations with an unprecedented variety and depth of analytics that delivers more value to customers and can be implemented across more use cases, including customer acquisition, identity verification, trust, credit risk, and collections optimization.

Demarche and Patel continue to expand Monnai knowing 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 for increasing access to financial services.

Demarche said, “At Monnai, we believe these trends apply to fintech companies across Asia and Latin America, looking to grow rapidly and operate efficiently. As fintechs in these markets look to scale their business regionally and enable cross-border transactions or drive local efficiencies, they will also need access to ubiquitous and timely consumer insights, decisioning technology, and analytics to onboard the most profitable users, reduce fraud/compliance risks and expand their business.”

Monnai will have a featured panel presence at Money 20/20 Europe, June 6-8 in Amsterdam, with Demarche speaking on the “Evolution of Identity”.

About Monnai

Monnai is a global consumer insight infrastructure that enables fintechs to navigate efficiently the four key pillars of onboarding, trust and fraud risk, credit underwriting and collections. By connecting disparate data, identity and network behavior in a single API, Monnai’s technology enables customers to grow rapidly 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.

Contacts

Paul Wilke

Upright Position Communications for Monnai

monnai@uprightcomms.com
+1-415-881-7995