Miden, a Nigerian startup has been selected for Y Combinator’s winter 2024 batch.
Miden allows businesses to issue virtual cards to their customers through its API,
Co-founders Okiemute Avworhokai (.CEO) and Ini Udoh, (CTO), Founded Miden in 2022 .
The startup focuses on enabling businesses to securely and swiftly process payments through embedded techniques .
Miden offers solutions to the operational challenges businesses face with traditional payment methods. These include high transaction fees, complex paperwork, and slow card issuance times.
The company’s API-based platform allows businesses to instantly issue virtual cards (USD and Naira denominations).
The platform has been highly commended for its ability to streamline operations, reduce transaction fees, and eliminate the hurdles associated with traditional payment methods.
According to information on its website, Miden has issued over 100,000 cards and is present across four countries.
Miden’s selection further highlights Y Combinator’s strategic focus on remittance startups in Africa.
Cleva, a cross-boarder payment service startup was the first announced Nigerian startup for the 2024 winter batch.
The Accelerator is fulfilling its long term commitment to facilitating technological advancement across Africa by investing in young innovators and startups.
African startups who have benefited from YCombinator’s previous investments include;
- Grey, a Nigeria startup providing foreign accounts for users
- Bloom, a Sudanese startup
- Plumter, a Nigerian API provider for cross-border payment;
- Nash a Kenyan fintech for borderless and
- Lenco, a Nigerian fintech.
Last year’s list had Vault Pay, a payments infrastructure company from DRC Congo, Chow Central, a Nigerian food delivery startup and Eden Care from Rwanda.
