Flutterwave Inc. says its acquisition of open-banking startup Mono Technologies Nigeria Ltd. will boost its profitability drive and strengthen its position for a potential initial public offering (IPO).
This is according to comments by Flutterwave’s Chief Executive Officer, Olugbenga Agboola, following the company’s purchase of Mono, a fintech it has partnered with since 2021.
The acquisition signals a renewed strategic push by Africa’s most valuable fintech unicorn to deepen infrastructure, lower costs, and build a more resilient business ahead of any future listing.
The Lagos- and San Francisco-based payments company did not disclose the financial terms of the acquisition, but confirmed that Mono’s technology is expected to play a critical role in Flutterwave’s long-term growth strategy.
Speaking in an interview with Bloomberg, Agboola said Flutterwave’s current focus is firmly on profitability and infrastructure rather than rapid expansion.
“Right now, our focus is profitability, resilience and better infrastructure, and that is why we acquired Mono,” he said, adding that the acquisition makes Flutterwave “a better candidate for everything,” including a possible IPO.
Flutterwave had previously announced plans to list on the Nasdaq in 2022, but later delayed and eventually paused the move to address internal challenges and focus on building a sustainable and profitable business.
Flutterwave has expanded its operations to about 35 African countries, supports payments in more than 30 currencies, and processes roughly 500,000 transactions daily, according to its website.
Mono has grown into a key player in Nigeria’s fintech ecosystem, enabling businesses to securely access customer financial data for credit assessment, faster onboarding, fraud reduction, and seamless payments.
Agboola also said Mono’s technology will help Flutterwave tap into broader payment opportunities expected from the ongoing recapitalization of Nigeria’s banking sector, which could accelerate lending, trade, and e-commerce activity.
Last year, Agboola said Flutterwave’s much-anticipated initial public offering (IPO) would only happen when the company becomes profitable.