Africa’s leading payments giant, Flutterwave, has acquired Mono, a prominent Nigerian open banking startup often dubbed the “Plaid of Africa,” in an all-stock transaction valued between $25 million and $40 million.
The move unites two key players in Africa’s fintech infrastructure landscape, allowing Flutterwave to expand beyond traditional payments into advanced data access, identity verification, and direct bank transfers.
Flutterwave, which processes local and cross-border transactions across more than 30 African countries, will integrate Mono’s APIs into its platform. These tools enable businesses to securely access customer bank data (with consent), verify accounts, initiate payments, and analyze financial patterns—capabilities crucial for fraud detection and credit assessment in markets with limited traditional credit bureaus.
Mono will continue operating as an independent product, with no changes to its leadership or team, the companies announced. The integration aims to create a unified stack offering payments, onboarding, risk assessment, and recurring bank payments.
“This acquisition is about building the connective tissue for Africa’s next phase of fintech growth,” said Olugbenga ‘GB’ Agboola, Flutterwave’s founder and CEO. “Payments, data, and trust cannot exist in silos. Open banking provides the foundation, and Mono has built critical infrastructure in this space.”
Founded in 2020, Mono has become essential to Nigeria’s digital lending sector. CEO Abdulhamid Hassan noted that nearly all Nigerian digital lenders rely on its platform. The startup claims to have facilitated over 8 million bank account linkages—covering about 12% of Nigeria’s banked population—delivered more than 100 billion financial data points, and processed millions in direct payments. Key customers include Moniepoint (backed by Visa) and PalmPay (backed by GIC).
Mono had raised approximately $17.5 million from investors like Tiger Global, General Catalyst, and Target Global. Sources said the deal enabled investors to recoup their capital, with some early backers achieving returns of up to 20x—a notable win amid a challenging funding climate for African startups.
The acquisition signals deeper vertical integration for Flutterwave as fintechs face pressure to improve unit economics and expand offerings. By embedding open banking features, Flutterwave positions itself for growth in data-driven services, reduced fraud, and alternative payment methods, shifting away from card-dominated systems.
