Flutterwave, Africa’s largest fintech company, has finalized the acquisition of Nigerian open banking startup Mono in an all-stock deal estimated to be worth between $25 million and $40 million, according to sources close to the transaction. This landmark deal represents one of the most significant consolidations in Africa’s fintech infrastructure sector, combining two leading innovators to strengthen the continent’s financial technology ecosystem.
Why is this a big deal? This acquisition brings together two of Africa’s most influential fintech infrastructure companies. Flutterwave operates one of the continent’s most expansive payment networks, powering local and cross-border transactions in over 30 countries. Meanwhile, Mono, often referred to as the “Plaid for Africa,” has built powerful APIs that enable businesses to access bank data, initiate payments, and verify customer identities—critical capabilities for the future of open banking and financial inclusion across the region.
By combining forces, Flutterwave and Mono aim to create a fully integrated financial technology stack that spans payments, identity verification, risk assessment, and open banking capabilities.
Mono’s Journey and Impact
Founded in 2020, Mono has raised approximately $17.5 million from prominent investors such as Tiger Global, General Catalyst, and Target Global. The company’s technology addresses a critical gap in African financial markets: the lack of standardized access to bank data. In regions where credit bureaus are limited, fintech lenders rely heavily on transaction histories to assess creditworthiness.
Mono’s APIs enable users to consent to share their banking information, allowing financial institutions to analyze income, spending patterns, and repayment capacity. Today, nearly all Nigerian digital lenders depend on Mono’s infrastructure. The company reports:
- 8 million+ bank account linkages, covering about 12% of Nigeria’s banked population.
- Delivery of 100 billion financial data points to lending companies.
- Processing of millions in direct bank payments.
Its customer base includes major players like Moniepoint (backed by Visa) and PalmPay (backed by GIC).
For Flutterwave, this acquisition represents a deepening of its vertical integration strategy. Beyond payments, Flutterwave can now offer:
- Bank account verification
- Identity checks and onboarding
- Data-driven risk assessment
- One-time and recurring bank payments
All within a single, unified platform. CEO Olugbenga “GB” Agboola emphasized the importance of this move, stating:
Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.
Mono’s CEO Abdulhamid Hassan highlighted that Africa is entering a credit-driven phase, fueled by government initiatives promoting lending-led financial inclusion. This transition requires robust data infrastructure and regulatory confidence, especially in markets like Nigeria where open banking frameworks are still evolving.
If the economy is going to be credit-driven, you need deep data intelligence to know how people earn and spend. But for open banking to truly work, regulators must trust that customer funds are secure.
By joining Flutterwave, Mono gains the ability to scale rapidly across multiple African markets, leveraging Flutterwave’s licenses, compliance teams, and enterprise relationships.
Investor Outcomes and Market Signals
Sources indicate that Mono’s investors were able to recoup their capital, with some early backers achieving returns of up to 20x. Importantly, Mono will continue to operate as an independent product under Flutterwave’s umbrella.
This deal mirrors global trends in fintech consolidation, such as Visa’s attempted acquisition of Plaid in 2020, and signals a broader shift in African fintech. Startups that once aimed to become standalone giants may increasingly seek integration with scaled platforms to achieve sustainable growth.
Mono launched amid competition from players like Okra (backed by Base10 Partners) and Stitch (backed by Ribbit Capital). Over time, Mono emerged as a market leader following Okra’s shutdown and Stitch’s pivot toward deeper payments infrastructure.
Despite challenging funding conditions, Hassan confirmed that Mono was not forced into a sale and was on track for profitability. The company held significant cash reserves but opted for acquisition to avoid the pressures of raising another round at a time of tough valuation expectations.
This transaction, similar to the consolidation between South African fintechs Lesaka and Adumo, underscores a pivotal moment for African fintech. The next wave of growth will likely favor integrated platforms that combine payments, data intelligence, and compliance under one roof.
