Nigeria’s fintech landscape saw a major shake-up this week as Flutterwave, Africa’s largest payments company, announced the acquisition of open banking startup Mono in an all-stock deal valued between $25 million and $40 million. The move combines two of Africa’s leading fintech infrastructure players and signals a new phase in the continent’s digital financial ecosystem.
For Flutterwave, the acquisition expands its capabilities beyond payments, while for Mono, it opens doors for scaling across multiple African markets with regulatory and operational support.
Bringing Payments and Data Under One Roof
Flutterwave has long been a dominant force in African payments, enabling local and cross-border transactions in more than 30 countries. Mono, often called the “Plaid for Africa,” provides APIs that allow businesses to securely access customer bank data, initiate payments, and verify accounts.
By acquiring Mono, Flutterwave is positioning itself as a full-stack fintech provider, combining payments with identity verification, data-driven risk assessment, and account-to-account banking infrastructure. The integration enables businesses to onboard customers, assess creditworthiness, and execute transactions seamlessly, all within a single platform.
Flutterwave CEO Olugbenga “GB” Agboola described the acquisition as a strategic step for Africa’s fintech growth.
“Payments, data, and trust cannot exist in silos,” he said. “Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.”
Mono CEO Abdulhamid Hassan added that the deal positions the company to scale quickly as regulatory frameworks for open banking continue to mature across Africa.
“If the economy is going to be credit-driven, you need deep data intelligence to know how people earn and spend. Joining Flutterwave allows us to expand while staying grounded in security, compliance, and local relevance,” he said.
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A Win for Investors and the Fintech Ecosystem
Mono has raised approximately $17.5 million from investors including Tiger Global, General Catalyst, and Target Global. The acquisition allows investors to recoup their capital, with some early backers seeing potential returns of up to 20x based on the implied stock valuation.
Founded in 2020, Mono’s platform has become a critical component of Nigeria’s digital lending ecosystem. The company reports over 8 million bank account linkages, representing roughly 12% of Nigeria’s banked population, and has delivered 100 billion financial data points to lending companies. Major customers include PalmPay and Moniepoint, among others.
For the fintech ecosystem, the Flutterwave-Mono deal represents more than a financial transaction; it signals a maturation of African financial infrastructure. Startups that once sought to grow independently may now find strategic exits through integration with larger platforms, enabling faster regional expansion while reducing operational friction.
Unlocking Africa’s Data-Driven Financial Future
The acquisition also positions Flutterwave to explore innovative financial solutions, including open banking-enabled stablecoins and real-time account-to-account transactions. With Mono’s APIs, businesses can more easily convert digital assets into verified bank accounts, improving cross-border trade and reducing reliance on expensive card networks.
Industry observers note that controlling the financial data layer is increasingly central to fintech growth. By combining payment rails with bank-linked data, Flutterwave can offer credit scoring, identity verification, and automated payments at scale, all while keeping customer funds secure and regulatory-compliant.
Abdulhamid Hassan emphasizes that open banking will be key to Africa’s next wave of financial inclusion. “Governments and regulators are beginning to push for credit-led inclusion initiatives,” he said. “To participate fully, fintechs need robust data infrastructure, and this acquisition gives Mono the tools to scale.”
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What This Means for the Future
As Flutterwave integrates Mono’s technology, the company is not only enhancing its own product offerings but also setting a blueprint for Africa’s fintech consolidation. The deal reflects a growing trend where startups combine forces to create infrastructure that can support a rapidly digitizing economy.
For African startups, the Flutterwave-Mono story is a reminder that strategic partnerships and technology integration can unlock new markets, drive innovation, and create value for investors, customers, and the broader ecosystem.
This acquisition is a defining moment for African fintech, demonstrating how payments, banking data, and financial infrastructure can converge to fuel the next stage of growth. As open banking expands, expect more strategic collaborations to reshape Africa’s digital economy.
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