Miden, a Nigerian startup enabling businesses to issue virtual cards to customers through its API, secures a spot in Y Combinator’s winter 2024 batch. Following Cleva, a cross-border payment service, Miden becomes the latest Nigerian startup to join this year’s winter cohort.

Launched in 2022, Miden addresses operational challenges faced by businesses dealing with traditional payment methods, such as high transaction fees, complex paperwork, and slow card issuance times. The platform, driven by API, empowers businesses to instantly issue virtual cards in both USD and Naira denominations at scale. According to its website, Miden has already issued over 100,000 cards and operates in four countries.

Y Combinator appears to be placing emphasis on remittance startups in this year’s winter batch, with Cleva being the first disclosed startup, facilitating dollar accounts for individuals and businesses receiving international payments.

This trend aligns with Y Combinator’s strategic choices in previous batches. In the 2022 winter batch, the accelerator selected startups like Grey from Nigeria, offering foreign accounts; Bloom from Sudan; Plumter, a Nigerian API provider for cross-border payments; Nash, a Kenyan fintech with a borderless focus; and Lenco, a Nigerian fintech. In 2023, YC chose Vault Pay from the DRC Congo, Nigeria’s ChowCentral in food delivery, and Rwanda’s Eden Care.

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Source: TechCabal

Image Source: Miden Co