At a Glance
- Flutterwave acquires Mono in an all-stock deal worth $25-$40 million.
- Mono powers 8 million bank linkages, 100 billion data points for Nigerian lenders.
- Deal deepens Flutterwave’s payment network across 30+ African countries.
- Why it matters: The merger unites payments, data, and identity services, positioning both firms to scale as Africa’s credit-driven economy grows.
In a move that could reshape Africa’s fintech landscape, Nigeria-based Flutterwave announced it had taken over open-banking platform Mono in a stock transaction valued at up to $40 million. The deal brings together two of the continent’s biggest infrastructure players, combining Flutterwave’s extensive payment network with Mono’s data-driven API ecosystem.
Deal Overview
The all-stock transaction, reported by industry insiders, values Mono between $25 million and $40 million. Investors in Mono, including Tiger Global, General Catalyst and Target Global, will at least break even, with some early backers reporting up to 20× returns. Mono will continue to operate as an independent product under Flutterwave’s umbrella.
Impact on Fintech Ecosystem
Mono’s API platform, often dubbed the “Plaid for Africa,” lets businesses link bank accounts, initiate payments and verify customers. According to CEO Abdulhamid Hassan, Mono powers more than 8 million linkages-about 12 % of Nigeria’s banked population-and has delivered 100 billion data points to lenders. The integration gives Flutterwave the ability to offer onboarding, identity checks, bank verification and risk assessment within a single stack.
- On-line onboarding and identity verification
- Bank account verification
- Data-driven risk assessment
- One-time or recurring bank payments
Strategic Context
Agboola framed the purchase as a bet on Africa’s next fintech phase, saying “Payments, data, and trust cannot exist in silos.” Hassan echoed that open banking is essential as governments push credit-driven inclusion. The merger mirrors earlier consolidation attempts, such as Visa’s 2020 attempt to buy Plaid, and signals a broader inflection point for African fintech.
Olugbenga ‘GB’ Agboola stated:
> “Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.”
Abdulhamid Hassan added:
> “If the economy is going to be credit-driven, you need deep data intelligence to know how people earn and spend. For open banking to really work, regulators need to be confident that customer funds are safe.”
Financial Snapshot
| Metric | Mono (pre-acquisition) | After acquisition |
|---|---|---|
| Valuation | $50 M post-money (Series A 2021) | $25-$40 M stock deal |
| Capital raised | ~$17.5 M | N/A |
| Bank linkages | 8 M+ | 8 M+ (continuing) |
| Data points delivered | 100 B | 100 B (continuing) |
| Countries served | Nigeria | Nigeria + Flutterwave’s 30+ |
Mono, which raised $15 M in Series A at a $50 M valuation in 2021, was not forced into a sale and is on track toward profitability. With significant cash reserves, the company chose the deal over a new funding round that would have raised new valuation expectations.
Key Takeaways
- Flutterwave’s acquisition of Mono unites payments, data, and identity services across Africa.
- Mono’s API platform powers 8 million bank linkages and 100 billion data points for lenders.
- The deal reflects a trend of consolidation in African fintech, positioning both firms for growth as regulatory frameworks evolve.
By Daniel J. Whitman | News Of Los Angeles
Closing paragraph: By merging its payment network with Mono’s open-banking infrastructure, Flutterwave is poised to offer a fully integrated stack that can help businesses navigate Africa’s evolving credit landscape.
