Flutterwave Acquires Mono in $25 Million to $40 Million All-Stock Deal
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Flutterwave has acquired Mono, Nigeria's open-banking infrastructure provider, in an all-stock transaction valued between $25 million and $40 million, according to people familiar with the matter. The deal unites two leading African fintech infrastructure firms, with Flutterwave's pan-African payments network now incorporating Mono's APIs for bank data access, customer verification, and direct payments. Mono, often called the "Plaid for Africa," will operate as an independent product following the acquisition.
Mono, founded in 2020, has raised about $17.5 million from investors including Tiger Global, General Catalyst, and Target Global. Sources said the transaction enables those investors to recoup their capital, with some early backers achieving paper returns of up to 20 times based on the Flutterwave stock received. The startup claims to have powered more than 8 million bank account linkages—covering roughly 12% of Nigeria's banked population—while delivering 100 billion financial data points to digital lenders and processing millions in bank payments. Customers include Visa-backed Moniepoint and GIC-backed PalmPay.
Flutterwave CEO Olugbenga “GB” Agboola described the move as essential for fintech's next phase. “Payments, data, and trust cannot exist in silos,” he said. “Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.” Mono CEO Abdulhamid Hassan added that nearly all Nigerian digital lenders rely on its infrastructure, addressing gaps in credit bureaus where transaction histories determine creditworthiness.
The acquisition advances Flutterwave's vertical integration across more than 30 African countries, adding onboarding, identity checks, risk assessment, and recurring payments to its stack. It comes amid Nigeria's evolving open-banking regulations and a shift toward credit-led financial inclusion, where governments prioritize lending but require data intelligence on earnings and spending. Hassan noted regulators must trust customer fund safety for open banking to scale.
Mono enters the deal with significant cash reserves and on track for profitability this year, despite a 2021 Series A valuation of $50 million post-money, according to PitchBook. The transaction echoes global patterns, such as Visa's blocked 2020 bid for Plaid, and local consolidations like South Africa's Lesaka-Adumo. It signals African fintech infrastructure firms may favor integration into scaled platforms over standalone paths amid funding constraints.
Both Y Combinator alumni share backer Tiger Global, though it did not facilitate the deal, which grew from prior bank payment partnerships. Mono outpaced rivals like Okra, which shut down, and Stitch, which pivoted to payments and raised more capital. Agboola said the combination positions businesses for secure, compliant expansion across African markets.
