Flutterwave, Africa’s largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million.
A report by Naijaonpoint on Monday said the acquisition brings together two major fintech infrastructure players as Flutterwave looks to strengthen its payments stack with open banking, data, and identity capabilities.
Under the deal, Mono will continue to operate as an independent product, with no changes to its leadership or operations.
The transaction allows Mono’s investors to at least recoup their capital, with some early backers reportedly recording returns of up to 20x.
Flutterwave disclosed that Mono’s platform provides secure access to financial data, identity verification, and account-to-account payment services—capabilities increasingly seen as critical as African markets move toward authenticated and bank-based payment methods.
Speaking on the acquisition, Flutterwave’s Founder and CEO, Olugbenga ‘GB’ Agboola, said the deal reflects the company’s long-term view of Africa’s financial infrastructure, adding “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, while staying grounded in security, compliance, and local relevance”.
Mono’s Founder and CEO, Abdulhamid Hassan, noted that the acquisition builds on an existing relationship between both companies, which began with a partnership in 2021.
“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,” Hassan stated.
Flutterwave said the integration of Mono’s open banking APIs will strengthen its ability to support faster merchant onboarding, improved verification processes, reduced fraud, and seamless account-to-account payments across multiple African markets.