Flutterwave, one of Africa’s largest payments technology companies, has acquired Mono, an open banking infrastructure provider, in an all-stock deal valued between US$25 million and US$40 million.
- •The transaction strengthens Flutterwave’s position as African fintech firms increasingly move beyond card networks toward account-to-account payments, identity-linked verification, and locally regulated financial infrastructure.
- •Mono will continue to operate independently following the acquisition, with its leadership, staff, and day-to-day operations unchanged, according to people familiar with the deal.
- •Mono provides application programming interfaces that allow businesses to securely access bank account data, verify customer identities, and initiate direct bank payments.
These capabilities are becoming central to African financial markets as regulators and businesses push for greater transparency, fraud reduction, and compliance in digital transactions.
"This acquisition reflects how we think about the future of financial infrastructure in Africa. Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space,” said Olugbenga Agboola, Founder and CEO of Flutterwave.
Founded in 2020, Mono has raised about US$17.5 million from investors including Tiger Global, General Catalyst, and Target Global, and its acquisition by Flutterwave allows backers to largely recoup their capital.
Card penetration remains limited in many African markets, while bank transfers and mobile-linked accounts account for a growing share of consumer and business payments. By integrating Mono’s systems, Flutterwave is expected to accelerate merchant onboarding, strengthen fraud controls, and improve payment reliability, particularly for cross-border and high-volume transactions.
“Mono's capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave's unmatched scale and global reach, create something more defensible and comprehensive. This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves,” Abdulhamid Hassan, Founder and CEO of Mono, said.
For developers and financial institutions, the integration is expected to reduce complexity by combining payments execution and financial data access within a single ecosystem. Regulatory authorities may also benefit from greater standardization and stronger data governance as platforms consolidate infrastructure under global security frameworks such as PCI-DSS and ISO 27001.
The transaction was advised by Chrysalis Advisors Africa.
