Y Combinator has selected Miden, a Nigerian startup that uses its API to let businesses issue virtual cards to customers for their winter 2024 batch.
Miden is the second Nigerian startup to join this year’s winter cohort, following Cleva, a cross-border payment service.
Okiemute Avworhokai and Ini Udoh established Miden in 2022 to facilitate businesses’ quick launch of various financial products in Sub-Saharan Africa. The platform offers virtual cards denominated in both USD and Naira.
[ez-toc]Built with the needs of local businesses in mind, Miden’s API platform makes it easy for organisations to process even the most intricate financial transactions.
Read also: Nigeria leads Africa in tech startups
Why Miden was selected
Core banking as a service, virtual card services, and solutions for managing corporate expenses are Miden’s main offerings. All kinds of businesses can find what they need in these offerings. Miden has gained prominence both at home and abroad as a pioneer in the financial technology industry, thanks to its cutting-edge technology and in-depth knowledge of regional market trends.
Y Combinator’s continued goal to promote innovation in developing markets, especially in Africa, is highlighted by Miden’s selection for the winter 2024 batch. Miden is a global symbol of the thriving ecosystemSocial of African entrepreneurship, which includes other Nigerian startups such as Cleva, a cross-border payment service.
Rapid expansion since its launch has allowed Miden to reach four countries and issue over 100,000 virtual cards. Users have praised its API-based platform for streamlining processes, reducing transaction fees, and doing away with bureaucratic hurdles associated with traditional payment methods.
Y Combinator’s decision to prioritise African remittance startups clearly indicates the immense potential of the rapidly growing fintech industry on the continent. YC’s recognition of the innovative solutions coming from Africa’s growing startup sector is evident in Miden’s inclusion in the winter 2024 batch.
Grey, Bloom, Plumter, Nash, Lenco, Vault Pay, ChowCentral, and Eden Care are among the African startups that Y Combinator has recently invested in, with this announcement following suit. This is a prime example of the accelerator’s unwavering dedication to nurturing talent and propelling technological advancement throughout the continent.
To this day, Miden is committed to revolutionising how companies in Sub-Saharan Africa process their financial transactions. Miden is poised to achieve its vision of fintech innovation in the region, create new opportunities, form new partnerships, and maintain its determination for growth and impact in the future. The company is in a strong position with a notable leadership team, a diverse range of innovative products and services, and the backing of Y Combinator.
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