TLDR:
Nigerian API-fintech startup, Miden, has been selected for Y Combinator’s winter 2024 batch. Miden allows businesses to issue virtual cards to their customers through its API, solving operational challenges that come with traditional payment methods. YC seems to be backing remittance startups on the African continent this year, with Miden being the latest addition to the winter batch.
Y Combinator has chosen Nigerian startup Miden for its winter 2024 batch. Miden offers an API-based platform that enables businesses to issue virtual cards to their customers, providing a solution to the challenges that traditional payment methods present. The startup was founded in 2022 to address issues such as high transaction fees, complex paperwork, and slow card issuance times. It offers both USD and Naira virtual cards and has already issued over 100,000 cards across four countries.
YC seems to be placing a specific focus on remittance startups from Africa in its winter batches. Cleva, another Nigerian startup providing cross-border payment services, was also selected for this year’s winter batch. In previous years, YC has made similar bets on African fintech startups, including Grey, Bloom, Plumter, Nash, Lenco, Vault Pay, ChowCentral, and Eden Care. These selections demonstrate YC’s interest in supporting startups that facilitate international payments and provide financial infrastructure.
Miden’s selection for YC’s winter 2024 batch is a significant achievement for the Nigerian startup. Being part of YC’s program provides Miden with access to valuable resources, mentorship, and networking opportunities within the Silicon Valley ecosystem. It also validates the potential and innovation of Miden’s API-based platform, positioning the startup for further growth and success in the African fintech space.