Flutterwave Acquires Nigerian Open Banking Startup Mono in $25–40 Million All-Stock Deal

Flutterwave has completed the acquisition of Nigerian open banking startup Mono in an all-equity transaction estimated at between US$25 million and US$40 million, marking one of the most notable consolidation deals in Africa’s fintech space.

The transaction unites Africa’s largest payments platform with a leading provider of financial data infrastructure, positioning Flutterwave to build a comprehensive, end-to-end financial services stack similar to those operated by global players such as Stripe and Visa.

Flutterwave currently operates in more than 30 countries across the continent, facilitating domestic and cross-border payments for businesses. Mono, widely regarded as the African equivalent of Plaid, offers application programming interfaces (APIs) that enable companies to securely access bank data and initiate direct bank-to-bank transactions.

Under the deal structure, all Mono investors, including Tiger Global and General Catalyst, are expected to at least recover their invested capital, with some early supporters reportedly recording returns of up to 20 times. Despite the acquisition, Mono will continue to run as a distinct product within the Flutterwave ecosystem.

Before the sale, Mono had raised US$17.5 million in funding and enabled more than eight million bank account connections, representing roughly 12 per cent of Nigeria’s banked population. The company has also supplied over 100 billion data points to credit providers and was last valued at about US$50 million following its Series A round in 2021.

From a strategic standpoint, the acquisition strengthens Flutterwave’s push toward deeper vertical integration. By incorporating Mono’s data capabilities, the company can extend its offerings to include instant bank and identity verification, advanced credit risk analysis based on transaction data, and direct payments from bank accounts that reduce reliance on card networks.

Market observers say the deal reflects a broader shift within Africa’s fintech industry, where firms are increasingly prioritising scale and ecosystem control over independent expansion. Unlike developed markets, much of Africa still lacks robust credit reporting systems, forcing digital lenders such as Moniepoint and PalmPay to depend heavily on alternative data sources to assess borrower risk.

Reacting to the acquisition, Flutterwave Founder and Chief Executive Officer, Olugbenga ‘GB’ Agboola, said the move aligns with the company’s vision for building resilient financial infrastructure across the continent.

He noted that payments, data and trust must function together, describing open banking as a critical link in Africa’s financial ecosystem and highlighting Mono’s role in developing key infrastructure in this area.

Mr Agboola added that the transaction would enable Flutterwave to broaden its service offerings across African markets while maintaining strong standards around security, regulatory compliance and local market relevance.

Meanwhile, Mono’s Chief Executive Officer, Abdulhamid Hassan, said the company was not under pressure to sell and was close to achieving profitability but acknowledged that the current fundraising environment made partnering with a scaled platform a more efficient route to continental expansion.

He explained that Mono’s collaboration with Flutterwave, which began in 2021, had already demonstrated the value of coordinated efforts in accelerating open banking adoption across Africa.

“This acquisition positions us to build the infrastructure layer that will support the next wave of African fintech innovation at the pace and scale the continent needs,” Mr Hassan said.

Overall, the deal highlights a growing trend toward consolidation in African fintech, with the emergence of large platforms that combine payment rails with data infrastructure, echoing recent mergers seen in other African markets, including South Africa.

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