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Mono

Mono

Y Combinator LogoW22ActiveFintechNeobank

A bank account that integrates LatAm SMEs' finances and operations.

We offer a corporate bank account that integrates with accounting, tax and payroll systems allowing SMEs owners in LatAm manage their business in just one place.

Mono
Founded:2020
Team Size:18
Location:Bogotá, Colombia

Active Founders

Jose Tomas Lobo

Co-founder & COO @ Mono 🐒

Jose Tomas Lobo
Jose Tomas Lobo
Mono

Sebastian Ortiz

CTO at Tpaga (YC S17) and Mono (YC W22)

Sebastian Ortiz
Sebastian Ortiz
Mono

Juan Camilo Poveda

Co-founder and head of product at Mono 🐒. Former product manager at NuBank.

Juan Camilo Poveda
Juan Camilo Poveda
Mono

Salomon Zarruk Valencia

CEO at Mono

Salomon Zarruk Valencia
Salomon Zarruk Valencia
Mono

Selected answers from Mono's original YC application for the W22 Batch

Describe what your company does in 50 characters or less.

Digital banking for SMEs & startups in Latam

What is your company going to make? Please describe your product and what it does or will do.

In the short-term, Mono is providing a digital bank account for Latam startups and SMEs, that can be opened 100% through WhatsApp in 17 minutes, and that integrates to third-party SaaS (i.e. accounting, payroll, or taxes).

In the long-term, we're building a 'bankingless bank'. This is, a bank that automatizes operational, accounting and financial processes in order to let the entrepreneur focus on their business.

How long have each of you been working on this? How much of that has been full-time? Please explain.

Sebastian, Jose Tomas and Salomon have been working on this full-time since August, 2020, and Juan Camilo since September, 2020.

How long have the founders known one another and how did you meet? Have any of the founders not met in person?

Sebastian and Salomon have known each other since 2017, when Salomon started working as the Head of Legal at Tpaga. In 2018-2019, Sebastian and Salomon worked hand-on-hand when they launched Tpaga in Mexico, creating the product from scratch and building the initial team.

After being in Tpaga, Salomon went to do a master’s degree to the London School of Economics, where he met Jose. Salomon introduced Jose to Sebastian in March, 2020.

As of June, 2020, Jose, Sebastian and Salomon started looking for a Head of Product for Mono and one of the investors introduced Juan Camilo. After several conversations he quit Nubank and joined as the team as fourth founder.

How far along are you?

Since November, 2020, we've been doing two things mainly:

  1. Integrating with a local bank partner. Because we are the first ones in Colombia operating under a BaaS model, we had to design all the integration wit the bank and develop all the APIs for them from scratch. We already released the platform into production.
  2. Running a closed pilot: we started issuing debit cards from our Mercury bank account, 're branding' the cards and distributing them in Colombia. Although we can't grow our current 50 customers user base, we've processed $150k per month, up from the $4k of the first month. We are soon starting to migrate the users from the pilot to our platform.

YC W22 Application Video

YC W22 Demo Day Video