Flutterwave, Africa’s largest fintech, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 and $40 million, strengthening its fintech infrastructure on the continent.
The deal brings together two major fintech infrastructure providers on the continent. Flutterwave offers local and cross-border payment services in over 30 African countries, while Mono develops application programming interfaces (APIs) that enable businesses to access banking data, verify customers, and initiate payments.
Founded in 2020, Mono has raised approximately $17.5 million from investors including Tiger Global, General Catalyst, and Target Global. Sources indicate that the acquisition allows all investors to at least recover their capital. Mono will continue to operate as an independent product.
Mono claims to connect over 8 million bank accounts, covering around 12% of the Nigerian banking population. The company also states that it has provided over 100 billion financial data points to lending companies and processed millions of direct bank payments. Among its clients are Moniepoint, backed by Visa, and PalmPay, backed by GIC, said its CEO, Abdulhamid Hassan.
For Flutterwave, the deal expands its offerings beyond payments by integrating account verification services, data analytics, and direct bank payments.
According to industry players, the transaction is among the few exit deals in African fintech and reflects a trend of consolidation amid a slowdown in startup funding.
