A Nigerian startup called Miden has been chosen for Y Combinator’s winter 2024 class.
Through its API, Miden enables businesses to issue virtual cards to their clients. After the cross-border payment provider Cleva, the newest Nigerian company in this year’s winter batch is called Miden.
In 2022, Miden started to address the operational issues businesses faced with managing traditional payment methods, including as expensive transaction fees, complicated paperwork, and lengthy card issuance timeframes. Miden offers virtual cards for businesses in both USD and Naira. Businesses are able to rapidly and widely issue virtual cards with Naira and USD amounts thanks to the company’s API-based technology. According to its website, Miden is available in four countries and has issued more than 100,000 cards.
In a similar wager, YC chose Grey, a Nigerian business that offers users overseas accounts; Bloom, a Sudanese startup; Plumter, a Nigerian API provider for cross-border payments; Nash, a Kenyan fintech for borderless; and Lenco, a Nigerian fintech, for its 2022 winter batch. In 2023, the accelerator chose Rwanda’s Eden Care, Nigeria’s ChowCentral, a food delivery firm, and DRC Congo’s Vault Pay, which provides payments infrastructure.