Flutterwave has acquired Nigerian open banking startup Mono, in a rare multi-million-dollar fintech exit the country has seen in recent years.
Per TechCrunch, the acquisition, which was completed in December 2025 but only recently made public, was structured as an all-stock deal. While the companies did not disclose the exact terms, Mono CEO told Techpoint Africa that the value is significantly higher than the $17.5 million the company has raised in total
Founded in 2019, YC-backed Mono built APIs that allow businesses to access users’ bank data and initiate payments directly from bank accounts. The startup became one of Nigeria’s most prominent open banking players, often described as Africa’s answer to Plaid, and counted fintechs, lenders, and digital platforms among its customers.
Mono raised funding from local and international investors, including Ventures Platform, Voltron Capital, and Ingressive Capital. The acquisition means those backers are seeing liquidity at a time when exits remain relatively uncommon across Africa’s startup ecosystem.
Flutterwave, one of Africa’s largest payments companies, says the deal aligns with its plans to deepen the infrastructure powering its payment services. By integrating Mono’s data and account access capabilities, Flutterwave gains direct exposure to the open banking layer — an area that has become increasingly important for credit scoring, lending, and account-to-account payments.
Flutterwave CEO Olugbenga ‘GB’ Agboola told TechCrunch that the acquisition would help the company “build more inclusive financial products” by improving how businesses access and use financial data. Mono’s co-founder and CEO, Abdul Hassan, also described the deal as a natural next step, noting that open banking and payments are increasingly converging.
Mono will continue to operate as a standalone product under Flutterwave, according to both companies. Its existing customers are expected to retain access to its APIs, while Flutterwave plans to gradually integrate Mono’s technology into its broader payments stack.
This deal continues a trend of acquisitions between African fintechs. From Rivevest’s acquisition of Kenya’s Hisa, to Moniepoint’s move to acquire Kopo Kopo. However, the Flutterwave-Mono deal stands out as the deal size is significantly larger than any that has been seen on the continent.
While Flutterwave did not say whether it plans to pursue further acquisitions, the Mono deal highlights how established fintechs are beginning to absorb specialised infrastructure startups as they look to expand their capabilities and defend their market position.