Flutterwave, Africa's leading payments technology company, has made a bold move by acquiring Mono, a pioneering open banking infrastructure firm based in Nigeria. This acquisition marks a significant milestone in the evolution of African fintech. Announced in early 2026, the deal is valued between $25 million and $40 million in an all-stock transaction. It positions Flutterwave to expand its capabilities in open banking, data, and identity services.
The timing could not be better. As digital payments surge across Africa, open banking emerges as a key driver for financial inclusion. Flutterwave's integration of Mono's technology promises seamless access to financial data, enabling businesses and consumers to thrive in a connected economy.
Flutterwave officially acquired Mono to strengthen its payments infrastructure. The transaction, completed in an all-stock format, reflects Flutterwave's confidence in Mono's innovative open banking solutions. Sources indicate the deal's value ranges from $25 million to $40 million, making it one of the notable fintech exits in Nigeria.
Mono, founded in 2020, specializes in open banking APIs that allow secure access to bank account data. This acquisition allows Flutterwave to incorporate Mono's tools directly into its platform, enhancing services like account verification and direct payments.
Olugbenga Agboola, Flutterwave's CEO, highlighted the synergy. He noted that combining forces with Mono will accelerate innovation in African payments. Abdul Hassan, Mono's CEO, echoed this sentiment, stating the merger creates a powerhouse for open banking in the region.
What is Flutterwave? Africa's Payments Powerhouse
Flutterwave stands as Africa's most valuable fintech company, valued at over $3 billion. Founded in 2016, it provides payment solutions to businesses across 34 African countries and beyond.
The company processes over 200 million transactions annually, worth more than $16 billion. Its services include payment gateways, remittances, and merchant solutions. Flutterwave's mission focuses on simplifying payments for endless possibilities.
Recent expansions include partnerships with global giants like PayPal and Alipay. This acquisition of Mono fits perfectly into Flutterwave's strategy to dominate open banking.
By integrating advanced tech, Flutterwave aims to reduce friction in financial transactions. This move solidifies its role as a leader in African digital finance.
Mono: Pioneering Open Banking in Nigeria
Mono has been at the forefront of open banking since its inception. The startup offers APIs for account linking, transaction data, and identity verification.
With a focus on Nigeria's burgeoning fintech scene, Mono raised over $17 million in funding before the acquisition. Its platform powers services for banks, lenders, and e-commerce platforms.
Mono's technology enables real-time data sharing with user consent, complying with global standards like PSD2. This has helped bridge gaps in financial access for millions.
The acquisition by Flutterwave validates Mono's impact. It ensures Mono's innovations reach a wider audience through Flutterwave's extensive network.
How Flutterwave Acquires Mono Boosts African Open Banking
Open banking revolutionizes how financial data is shared. Flutterwave's acquisition of Mono accelerates this in Africa by combining robust payment rails with secure data infrastructure.
Key benefits include enhanced account verification, reducing fraud risks. Businesses can now offer personalized financial products based on real-time data.
For consumers, this means easier access to loans, insurance, and investments. Open banking fosters competition, lowering costs and improving services.
In regions with low banking penetration, like sub-Saharan Africa, this duo could unlock economic growth. Expect faster adoption of digital wallets and embedded finance.
Why Flutterwave Acquired Mono for African Market Expansion
Flutterwave recognized the critical need for robust open banking infrastructure across Africa. While payment processing remains their core strength, access to financial data unlocks new revenue streams and service offerings.
Mono's existing relationships with over 400 financial institutions provide immediate market penetration. Rather than building these connections from scratch, Flutterwave accelerates its open banking strategy by years.
The acquisition addresses a major pain point for businesses operating across multiple African countries. Different banking systems, regulations, and technical standards create complexity that hinders growth and innovation.
By integrating Mono's capabilities, Flutterwave offers a single API that works across borders. Developers can build applications once and deploy them throughout Africa without navigating individual banking partnerships.
What Mono Brings to Flutterwave's Fintech Ecosystem
Mono has developed three core products that enhance Flutterwave's service portfolio. DirectPay enables businesses to initiate bank transfers directly from customer accounts, reducing reliance on card payments.
Their Connect product allows applications to link user bank accounts securely, providing read-only access to transaction history and account balances. This feature powers financial management apps, lending platforms, and budgeting tools.
Mono Lookup offers instant account verification services, confirming account numbers and names before transactions occur. This reduces payment errors and protects businesses from sending money to incorrect recipients.
The platform processes millions of API calls monthly with 99.9% uptime reliability. This technical infrastructure integrates seamlessly with Flutterwave's existing payment systems, creating a comprehensive financial services platform.