Silverbacks Holdings has announced its tenth successful exit following the acquisition of Mono, a leading open banking fintech startup, by African payments unicorn Flutterwave. The deal, structured as an all-share transaction, consolidates two companies within Silverbacks’ investment portfolio, marking a significant milestone for the firm’s fintech strategy.
Founded to enable seamless financial connectivity, Mono has become a cornerstone of Nigeria’s digital lending ecosystem, powering millions of bank account linkages for major financial service providers such as Moniepoint and PalmPay. Its technology has helped accelerate financial inclusion and innovation in one of Africa’s fastest-growing fintech markets.
Flutterwave, Africa’s largest fintech company, recently finalized the acquisition of Nigerian open banking startup Mono in an all-stock deal estimated to be worth between $25 million and $40 million. 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 it matters: This deal unites two of Africa’s most influential fintech infrastructure players. Flutterwave runs one of the continent’s largest payment networks, enabling transactions in 30+ countries. Mono, dubbed the “Plaid for Africa,” provides APIs for bank data access, payment initiation, and identity verification—key building blocks for open banking and financial inclusion across the region.
Commenting on the exit, Ibrahim Sagna, Chairman of Silverbacks Holdings, stated:
Our successful exit from Mono, achieved through its consolidation with Flutterwave, validates our early conviction in foundational African fintech. This transaction underscores the strength of our portfolio strategy and our commitment to backing transformative businesses that shape the future of financial services across the continent.
The acquisition positions Flutterwave to deepen its capabilities in open banking and expand its product offerings, while Mono gains access to Flutterwave’s extensive network and resources to scale its impact across Africa.
