Monnai Strikes a Chord with Financial Institutions, Unlocking Global Consumer Insights
Monnai, the world’s only global consumer insight infrastructure provider, today announced that in its first full year of operations they demonstrated strong product market fit, customer traction and growth. Financial organizations in seven countries have deployed its global infrastructure that delivers insights that provide more accurate and informed decisions throughout the lifecycle of its customers.
Founded by Pierre Demarche and Ravish Patel, Monnai has quickly emerged as the solution of choice for fintech firms looking to access a global integrated platform that helps them navigate the four key pillars of onboarding - trust and fraud risk, credit underwriting and debt collections. Since its inception in 2021, Monnai has set up operations and deployed its platform across 11 countries and 4 continents.
Initially set up as a global organization, with staff and offices in the US, India, Singapore, Indonesia and the Philippines, Monnai enters 2023 following a busy 2022 that included a $3.15 million seed round led by Better Tomorrow Ventures with participation from Commerce Ventures, Emphasis Ventures (EMVC), 9Yards Capital and Kearny Jackson.
Monnai’s approach and platform addresses an urgent need: Financial organizations crave a mix of efficiency and simplicity to access powerful insight that can help them grow and manage risk. Fintechs have been building strong internal decisioning models and data ingestion capabilities, however, they don’t have the ability and resources to collect data that will provide strong uplift to their decisioning models. In a world where data and data providers have been very fragmented and siloed, it makes Monnai’s one API approach a perfect fit for data hungry fintechs.
Monnai’s platform delivers four key modules through a single API: KYC, trust and fraud risk, credit decisioning and collections optimization. It leverages 350+ insights aggregated and standardized across trusted ecosystems of Identity, Digital, Communication, Device and Payments data partners, making what was previously disparate and time consuming, efficient.
“Through only one API, Monnai’s data infrastructure provides access to complete insights of consumers, leveraging a holistic data set, while some other point providers only offer a partial view of consumers’ identity and activity,” said Pierre Demarche, Monnai CEO and cofounder.
He added, “Businesses need to consolidate all available consumer insights, which typically requires multiple providers and complex integrations. With Monnai, financial organizations do not need to manage other providers to get the most value and a complete correlation from consumer insights and behavior by integrating one single API.”
In addition to launching major product and branding initiatives last year, Monnai experienced rapid ARR growth (75% monthly CAGR in 2022) in the data infrastructure segment and 100% deal conversion of customers testing Monnai’s platform, with instant uplift provided to customers between 30-40% in term of conversion, risk and contactability.
An example of how Monnai complements financial organizations, in 2022 the company worked with a global credit bureau that was grappling with its ability to expand into the markets, limited by insufficient traditional credit and financial data. They needed to transform global fraud and credit decisioning services in multiple markets. Through their work with Monnai, they were able to access powerful disparate alternate data sources of more than 3 billion consumers across target markets and were able to build new risk scoring services using a low code data integration engine. Additionally, they saw an 85% increase in fraud detection and were able to reduce time to market from months to days.
“Monnai is committed to powering mission critical use cases for financial organizations, ensuring immediate impact away from complex and inefficient data collection processes,” said Ravish Patel, Monnai CPO and co-founder. “Our current growth trajectory is testament to the rising need for a better way to access global insights, correlate complex data, and online behaviors, and we look forward to continuing to support organizations in their quest for global consumer insights.”
To learn more about how Monnai can help provide a global consumer insight infrastructure for any financial organization, please visit: https://monnai.com/