Flutterwave acquires Mono to drive payment
In one of the most important strategic moves in African fintech in recent years, Flutterwave — Africa’s leading payments technology company — has acquired Nigerian open banking startup Mono in an all-stock deal valued between USD 25 million and USD 40 million. The transaction marks not just a consolidation of two major players in the financial technology ecosystem, but also signals a shift toward data-led, bank-centric payment infrastructure across the continent.
This acquisition — announced in January 2026 — brings Mono’s open banking capabilities directly into Flutterwave’s vast payments network, and positions the combined entity to more effectively tackle some of the biggest structural challenges facing digital commerce and financial services in Africa.
Flutterwave: Africa’s Payment Giant: Founded in 2016 and headquartered in San Francisco and Lagos, Flutterwave has grown into one of Africa’s most valuable fintech companies. It provides payment infrastructure that powers local and cross-border transactions for merchants, businesses, and enterprises in more than 30 African countries. Its services span card payments, bank transfers, mobile wallets, and global integrations, collectively processing billions of dollars in transactions annually.
Flutterwave’s strong ecosystem, extensive regulatory licenses, and deep market reach have made it a go-to choice for digital payments across the continent. Still, as the fintech landscape evolves, mere payments processing — especially on card networks — is no longer sufficient to meet the demands of digital commerce.
Mono: The “Plaid for Africa”: Founded in 2020, Mono has positioned itself as a pioneer in open banking infrastructure — technology that allows applications to securely access financial data and initiate payments with customers’ consent. Similar to how Plaid operates in the U.S. and Europe, Mono connects banks, digital lenders, fintechs, and platforms with real-time access to customer financial information.
Mono’s APIs enable businesses to:
- Access detailed bank account information on consented users,
- Verify identities and accounts instantly,
- Assess income and spending patterns, and
- Initiate direct bank payments.
To date, Mono has powered more than 8 million bank account linkages, generated over 100 billion financial data points, and serves key digital lenders and platforms such as Moniepoint and PalmPay.
Why Flutterwave Bought Mono
At first glance, payments and open banking may seem like separate functions. In reality, they are becoming deeply interconnected. Flutterwave’s acquisition of Mono reflects this reality.
From Payments to Financial Infrastructure: Flutterwave has long enabled businesses to accept payments. With Mono, it can now help them understand who is paying, where the money is coming from, and how reliable those transactions are. This combination allows Flutterwave to move beyond transactions into full-scale financial infrastructure.
By integrating Mono’s open-banking tools, Flutterwave can:
- Verify customers instantly using bank data
- Reduce fraud by confirming real account ownership
- Enable direct bank-to-bank payments without relying solely on cards
- Support better lending, subscription billing, and embedded finance solutions
In simpler terms, Flutterwave is no longer just helping businesses get paid — it is helping them make smarter financial decisions.
Strengthening Trust in Digital Payments: Trust remains a major challenge in African fintech. Failed payments, identity fraud, and data gaps continue to slow adoption. Open banking helps solve this by allowing secure, consent-based access to bank information. With Mono’s infrastructure, Flutterwave can improve trust across its platform, benefiting merchants, consumers, banks, and regulators alike.
What the Deal Means for Mono
Unlike many acquisitions where startups lose their identity, Mono will continue to operate as an independent product under its existing leadership. This approach allows Mono to maintain its innovation culture while benefiting from Flutterwave’s scale, regulatory reach, and market influence.
For Mono’s investors and early supporters, the acquisition also represents a significant win. The all-stock structure means they now hold equity in Flutterwave, one of Africa’s most valuable fintech companies — providing liquidity at a time when funding has become more selective.
What This Means for Nigeria and Africa’s Fintech Ecosystem
The Flutterwave-Mono acquisition is not happening in isolation. It comes at a time when Nigeria’s open banking framework is becoming operational and regulators are paying closer attention to fintech infrastructure.
- Accelerating Open Banking Adoption
- Boosting Financial Inclusion
- Encouraging Industry Consolidation
Flutterwave’s acquisition of Mono is more than a business transaction; it is a clear signal of where African fintech is heading. Payments are no longer just about moving money — they are about data, trust, and intelligent financial systems.
By combining Flutterwave’s scale with Mono’s open banking capabilities, the deal creates a powerful platform that can support the next generation of digital finance products in Africa. For businesses, consumers, and the wider economy, this move brings Africa one step closer to a more connected, transparent, and inclusive financial future.
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