In a landmark consolidation for Africa’s fintech sector, Flutterwave, the continent’s largest payments technology company, has acquired Nigerian open banking startup Mono. The all-stock transaction, valued at between $25 million and $40 million, strategically combines Flutterwave’s vast payments network with Mono’s critical data and identity infrastructure.
The deal, which builds on a partnership started in 2021, is positioned to redefine the backbone of digital finance in Africa. Mono will continue to operate as an independent product under its existing leadership, while its capabilities are integrated into Flutterwave’s core platform.
Building the “Connective Tissue” for Africa’s Financial Future
The acquisition is a direct response to a seismic shift in African fintech, as markets move rapidly away from card-centric systems towards authenticated, bank-based, and alternative payment methods. Open banking which enables secure data sharing between banks and third-party providers is the critical enabler of this transition.
In a joint statement, the CEOs of both companies framed the deal as a foundational move:
- Olugbenga ‘GB’ Agboola, Founder & CEO of Flutterwave, stated: “Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space. This acquisition allows us to expand what’s possible for businesses operating across African markets.“
- Abdulhamid Hassan, Founder & CEO of Mono, added: “Mono’s capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave’s unmatched scale and global reach, create something more defensible and comprehensive.“
Strategic Benefits and Expected Impact
The integration of Mono’s open banking Application Programming Interfaces (APIs) is designed to deliver tangible benefits across Flutterwave’s ecosystem:
- For Merchants & Businesses: Faster, more secure onboarding; improved identity verification; reduced fraud; and seamless bank-to-bank (account-to-account) payments.
- For Developers & Partners: A unified environment where payments and financial data infrastructure coexist, reducing complexity and accelerating product development.
- For Flutterwave: Enhanced vertical integration, leading to stronger platform loyalty (“stickiness”), improved margins, and a more differentiated service offering that is deeply embedded in the financial workflow of businesses.
Why This Deal is a Watershed Moment
This acquisition signals that open banking is no longer a niche concept in Africa but foundational infrastructure for the next wave of financial innovation. By bringing payments and data access under one roof, Flutterwave is positioning itself at the center of the continent’s move towards interoperable, secure, and innovative financial systems.
Mono, founded in 2020, has been a pioneer in this space, processing over 150 billion transactions and serving more than 7 million users across Nigeria, Kenya, and Ghana. This transaction validates its early vision and integrates its deep expertise directly into Africa’s largest fintech scale.
