Flutterwave, Africa’s leading fintech giant, has acquired Nigerian open banking pioneer Mono in an all-stock transaction valued at $25 million to $40 million, sources familiar with the matter said. The deal merges two key players in Africa’s fintech infrastructure, bolstering Flutterwave’s offerings beyond payments into data verification and risk assessment.
Flutterwave
Flutterwave, which powers local and cross-border payments across over 30 African countries, gains Mono’s APIs—dubbed the “Plaid for Africa.” These enable businesses to securely access bank data, verify identities, initiate payments, and analyse financial behaviour with user consent. Mono will operate independently but integrate into Flutterwave’s platform, creating a unified stack for payments, onboarding, and data-driven insights.
Flutterwave CEO Olugbenga ‘GB’ Agboola described the move as essential infrastructure for fintech growth. “Payments, data, and trust cannot exist in silos. Open banking provides the foundation, and Mono has built critical infrastructure in this space,” Agboola said.
Launched in 2020, Mono has become vital for Nigeria’s digital lenders amid sparse credit bureau data. It allows users to share bank details for analysis of income, spending, and repayment ability. The platform claims over 8 million account linkages—about 12 per cent of Nigeria’s banked population—100 billion data points delivered, and millions in direct payments processed.
Clients include Visa-backed Moniepoint and GIC-supported PalmPay. Mono CEO Abdulhamid Hassan noted that nearly all major Nigerian digital lenders depend on its services. The startup raised $17.5 million from Tiger Global, General Catalyst, and Target Global; the deal lets investors recoup capital, with early backers seeing up to 20x returns despite a tough funding market.
The acquisition advances Flutterwave’s vertical integration as fintechs face demands for better economics and diverse products. It adds open banking features like income checks and recurring payments. Hassan highlighted Africa’s shift to credit-driven inclusion: “If the economy is going to be credit-driven, you need deep data intelligence… while ensuring regulators trust the safety of funds and data.”
Both firms, Y Combinator alumni with Tiger Global backing, built on prior partnerships. Mono outpaced rivals like Okra (now shuttered) and Stitch (payments-focused). Despite a $50 million valuation from its 2021 Series A and profitability trajectory, Hassan said acquisition avoided funding pressures in a harsh climate.
The deal echoes global trends, like Visa’s blocked Plaid bid, and signals African fintech consolidation as funding dries up and regulations evolve. Flutterwave’s licences and compliance across markets position Mono for faster scaling.
Agboola added: “This allows us to expand what’s possible for businesses across African markets while staying grounded in security, compliance, and local relevance.”
