Flutterwave Expands, Acquires Open Banking Startup Mono in Deal Worth Up to $40m
- Flutterwave has acquired Mono in a deal valued at $25-$40 million, enhancing African fintech infrastructure
- According to the deal, Mono will continue independent operations while leveraging Flutterwave's extensive reach across Africa
- Experts and Nigerians have taken to social media to celebrate the acquisition as a significant step for African open banking
Lagos, Nigeria - One of Africa's leading payments technology companies and a unicorn, Flutterwave, has acquired Mono, a Y Combinator-backed Nigerian open banking infrastructure provider, in an all-stock transaction valued at between $25 million and $40 million.
The acquisition, according to a Daily Trust report, integrates Mono's API-driven platform. This will enable businesses to securely access financial data, verify identities, track customer financial transactions, and initiate account-to-account payments across multiple banks and fintech platforms.
Source: Twitter
Flutterwave's acquisition of Mono: Details to know
Mono, often referred to as the “Plaid for Africa,” is said to have enabled millions of bank account connections and handled large volumes of financial data for clients, including major digital lenders and platforms such as Moniepoint and PalmPay.
Under the agreement, Mono will continue to operate as an independent entity, with its leadership, workforce, and daily operations unchanged.
Legit.ng understands that the arrangement enables Mono to tap into Flutterwave’s presence across more than 30 African countries, as well as its local licences and payment infrastructure, while preserving its speed of innovation and contributing open banking technology to Flutterwave’s broader ecosystem.
The deal reflects a broader shift in Africa’s fintech sector toward authenticated, bank-based payment solutions rather than traditional card systems, improving features such as quicker customer onboarding, lower fraud risks, and smoother direct payments.
It also represents a notable and rare exit within the African fintech industry, offering liquidity to Mono’s investors at a time when funding conditions remain tight, BusinessDay reports.
The acquisition sets the tone for 2026 with increased consolidation in Africa’s payments infrastructure and strengthens Flutterwave’s push toward deeper vertical integration to support the continent’s growing digital economy.
Flutterwave's CEO Agboola speaks
Commenting on the acquisition, Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, said:
“This acquisition reflects how we think about the future of financial infrastructure in Africa. 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 remaining grounded in security, compliance, and local relevance.”
On his part, Abdulhamid Hassan, founder and CEO of Mono, said:
“Mono was created to help unlock the promise of open banking in Africa, and our collaboration with Flutterwave, which began with our first partnership in 2021, has shown the impact of working toward that vision together. By combining Mono’s strengths in financial data access, bank-to-bank payments, and identity verification with Flutterwave’s extensive scale and global footprint, we are building a stronger and more complete offering. This acquisition positions us to develop the core infrastructure needed to support the next wave of African fintech innovation at the pace and scale the continent requires.”
The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, who supported the parties through strategic positioning and execution.
Flutterwave's acquisition of Mono: Nigerians react
Precious Abuo, @P_Abuo, commented on the deal:
"Congratulations to @mono_hq and @theflutterwave for this great deal. Nice to see Nigerian startups expanding for better opportunities and growth."
@Oluwadamilare, @Akolade2169, said:
"What a way to start the year, good news for all involved."
Hackmamba, @hackmamba, said:
"Kudos to the acquisition. Can't wait to see the magic this delivers in the banking infrastructure across Africa."
Sridhar A, @sridharfyi, said:
"Seeing how open banking can scale through strategic combinations like this reminds me that infrastructure bets often compound quietly before anyone notices. Curious to see what new product hooks emerge next."
Joseph The UIUX Designer, @JKuwadinu, said:
"We truly are gifted in Africa, we only need to see it more that we are."
Source: Twitter
Another Nigerian bank meets CBN's capital requirement
Earlier, Legit.ng reported that First HoldCo Plc announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement.
The bank said that a combination of a Rights Issue, Private Placement, and proceeds from the divestment of the group’s merchant banking subsidiary contributed to meeting the capital benchmark.
In a statement, FirstBank said the CBN has approved its recapitalisation, bringing its total shareholders’ funds above the regulatory benchmark.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
