In a major move for the African fintech sector, Flutterwave has announced the acquisition of Mono, a leading open banking infrastructure provider. The all-stock deal, valued between $25 million and $40 million, marks a significant step for Flutterwave as it looks to evolve beyond traditional card-based transactions and toward more secure, bank-led payment systems across the continent.
The acquisition is designed to be a strategic alignment rather than a complete takeover of operations. Mono will continue to function as an independent entity, retaining its original leadership team and staff. This allows the startup to maintain its innovative edge while integrating its powerful API-driven data and identity verification tools directly into Flutterwave’s massive payments network.
The timing of this deal is particularly noteworthy. Nigeria recently became the first African nation to fully operationalize an open banking framework, requiring banks to share customer data via standardized APIs with user consent. By bringing Mono under its wing, Flutterwave is positioning itself at the very center of this new regulatory landscape. For businesses, this means faster merchant onboarding, more accurate credit risk assessments, and the ability to process direct “account-to-account” payments that bypass expensive card rails.
Olugbenga “GB” Agboola, the CEO of Flutterwave, noted that the future of African finance depends on connecting payments with data and trust. He described open banking as the “connective tissue” that will allow businesses to scale more effectively across borders. Mono’s founder, Abdulhamid Hassan, echoed this sentiment, stating that the partnership, which began in 2021, has already shown how much more can be achieved when data and payment infrastructure work in harmony.
For the wider ecosystem, this acquisition is a rare and positive “exit” for early-stage investors. Some of Mono’s early backers have reportedly seen returns of up to 20 times their initial investment—a refreshing success story in a challenging global funding climate. As Flutterwave looks ahead, there are even hints of integrating open banking with digital assets and stablecoins, signaling that the company is building for the next decade of African commerce.
