Miden, a Nigerian startup that allows businesses to issue virtual cards to their customers through its API, has been selected for Y Combinator’s winter 2024 batch. Miden is the latest Nigerian startup in this year’s winter batch after Cleva, the cross-border payment service.
Miden, which provides both USD and Naira virtual cards for businesses, launched in 2022 to solve the operational challenges businesses face managing traditional payment methods, like 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) at scale. Per its website, Miden has issued over 100,000 cards and is present across four countries.
YC seems to be backing remittance startups on the continent for this year’s winter batch. Cleva, the first disclosed startup, creates dollar accounts to help individuals and businesses receive international payments.
YC made a similar bet in its 2022 winter batch, selecting 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. In 2023, the accelerator selected Vault Pay, a payments infrastructure company from DRC Congo, Nigeria’s food delivery startup ChowCentral and Rwanda’s Eden Care.
*This is a developing story
