San Francisco, USA – – Flutterwave, Africa’s leading payments technology company, has acquired Mono, a pioneer in open banking infrastructure. The deal, announced yesterday, deepens Flutterwave’s commitment to building a connected financial system across Africa and positions open banking as a core component of its future strategy.
Expanding Beyond Traditional Payments
The acquisition reflects a broader shift in the African fintech landscape, moving away from reliance on traditional card rails towards bank-based, authenticated payment methods. Mono’s API-driven platform provides secure access to financial data, identity verification, and facilitates account-to-account payments – capabilities increasingly vital as African markets demand more trusted, data-driven financial services. According to the company announcement, the transaction aims to build an interoperable financial system for the continent.
While financial terms weren’t disclosed, sources familiar with the deal, as reported by TechCrunch, value it between $25 million and $40 million in an all-stock transaction. This represents a rare “exit” for an African fintech, offering investors a return on their capital, with some early backers reportedly seeing returns of up to 20x based on the implied valuation of Flutterwave stock.
Maintaining Independence, Leveraging Synergy
Crucially, Mono will continue to operate independently, with no immediate changes planned for its leadership, team, or day-to-day operations. This structure, as emphasized by both companies, allows Mono to maintain its innovative pace while integrating its open banking infrastructure into Flutterwave’s wider payments ecosystem. Flutterwave’s investment is described as strategic alignment rather than operational control.
“Payments, data, and trust cannot exist in silos,” stated Flutterwave founder and CEO Olugbenga ‘GB’ Agboola. “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.”
The Rise of Open Banking in Africa
Open banking, which allows third-party developers to access banking data with consumer consent, is gaining traction globally. In Africa, it addresses a critical need for standardized access to financial information. Credit bureaus across the continent are often limited, and fintech companies, particularly lenders, frequently rely on customers’ bank transaction histories to assess creditworthiness. Mono, often described as the “Plaid for Africa,” has already powered over 8 million bank account linkages, covering roughly 12% of Nigeria’s banked population, and has processed billions in financial data points for lending companies.
The integration of Mono’s APIs will strengthen Flutterwave’s ability to onboard customers more quickly, improve verification processes, reduce fraud, and enable seamless account-to-account payments. The collaboration also opens doors to more sophisticated alternative payment methods and, potentially, open banking-enabled stablecoin use cases.
Beyond Payments: A Financial Ecosystem
This acquisition signals a move beyond simply processing transactions. Flutterwave and Mono envision a future where access to financial data enables the development of more tailored financial products, including improved credit offerings, insurance solutions, and investment tools. As Abdulhamid Hassan, CEO and founder of Mono, explained, the combination of Mono’s capabilities with Flutterwave’s scale creates a “more defensible and comprehensive” infrastructure for the next generation of African fintech.
“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 said. “This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves.”
The deal highlights a growing recognition that the next phase of growth in African payments will be driven by locally relevant, bank-based solutions. By combining their strengths, Flutterwave and Mono are positioning themselves to capitalize on this trend and shape the future of financial services across the continent. The acquisition also reflects a broader trend of consolidation within the African fintech sector, as companies seek to build scale and expand their offerings in a rapidly evolving market.
