NewTech Friday: Monnai – Tapping into global potential through consumer insights

Open Finance
11/11/2022 interview
Pierre Demarche Monnai Co-Founder & CEO

Pierre Demarche is Monnai’s co-founder and CEO. He tells us about Monnai and how they leverage AI to provide infrastructure that connects disparate data sources though a single API, so fintechs can focus on growth.

What led to the creation of Monnai? 

Fintech expansion into emerging markets is a massive opportunity that promises tens (if not hundreds) of millions of new customers. However, both fintechs and financial institutions are increasingly recognizing how big of a cost and reputation problem loose onboarding and identity standards can be. Unfortunately, in these markets, identity standards and customer data are fragmented, disparate, and evolving. This unstructured fragmentation is spread across telecom providers, emerging credit bureaus, third party data providers, and financial institutions.

Monnai was founded mid-2021 by Ravish Patel and myself. We have been working together for more than 10 years and met in Belgium as we were working for the same global communication company. Combined, we’ve both lived and worked in more than 40 different countries across Asia, Europe, Africa, Middle East and North America, developing extensive experience building and operating high growth global tech businesses. Through our careers we rapidly experienced the power of data and how to bridge the gap between hyper-local and global markets. Personally too, as immigrants and new to credit in multiple countries, we noticed that access to financial and consumer services remained a challenge for huge communities both in emerging and developed markets. 

The internet  provided an opportunity. With access to new data sources and advanced explainable AI techniques, Ravish and I found that we could make an impact globally. Together we founded Monnai to ensure that everyone can thrive in a global world.

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