Flutterwave acquires Mono in strategic push for open banking

Flutterwave, Africa’s largest fintech by reach and scale, has moved to strengthen its position in digital financial services with the acquisition of Nigerian open banking startup Mono in a deal valued between $25 million and $40 million. The all-stock transaction, first reported by TechCrunch, marks one of the rare notable exits in African fintech.

Flutterwave’s acquisition of Mono signals a shift in strategy that goes beyond payments. For years, the company has dominated payment processing across Africa, enabling local businesses to accept and send money through one API. That foundation made Flutterwave a backbone for commerce and remittances in more than 30 countries. But in a market where data access and trust are becoming critical, integrating open banking infrastructure gives it a new edge.

Founded in 2020, Mono has been building the very infrastructure that makes open banking viable in Africa. Known within the industry as the “Plaid for Africa”, it offers APIs that let businesses securely access users’ bank data, verify identities, and initiate bank transfers with consent. In markets where credit bureaus are underdeveloped, this access to financial data is especially valuable. It lets lenders assess creditworthiness with more accuracy and enables a broader range of financial products that rely on verified account information.

Flutterwave Co-founder and CEO, Gbenga Agboola

The deal allows Flutterwave to embed these capabilities directly into its stack. Rather than relying solely on card networks or third-party services, businesses using Flutterwave can now incorporate secure onboarding, identity checks, bank account verification, and direct account-to-account payments within a unified framework. This vertical depth could make it easier for enterprises to adopt Flutterwave’s services at every stage of their growth journey.

According to Flutterwave CEO Olugbenga ‘GB’ Agboola, the acquisition is a bet on Africa’s next phase of fintech growth. “Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.”

What the acquisition means for Flutterwave and African fintech

With open banking now part of its core strategy, Flutterwave isn’t just expanding its feature set. It is positioning itself at the centre of a fundamental transformation in how financial services are delivered across Africa. Mono’s technology will help Flutterwave tap into emerging use cases such as data-driven credit scoring, faster onboarding, and seamless recurring payments – all of which are essential for scaling digital lending, savings, and investment products.

The acquisition also arrives at a moment when African fintech is navigating both rapid adoption and regulatory evolution. Many African regulators are still defining frameworks for open banking, which in turn affects how quickly companies can deploy data-centric services. By bringing Mono into its fold, Flutterwave gains not only technology but also a partner with deep expertise in working within these evolving legal landscapes.

Mono co-founders

Mono, which has raised about $17.5 million in VC funding, will continue to operate with a degree of independence under its existing leadership. The open banking platform has already been integrated with major financial institutions and fintech lenders in Nigeria, powering millions of bank account linkages and delivering critical financial data to clients. Its continued operation under the Flutterwave umbrella should help maintain innovation while expanding reach.

In the broader context of African fintech, this deal may set a precedent. Investors and founders alike have long debated whether African startups should aim to scale independently or seek integration with larger, regional players. Flutterwave’s move suggests that strategic consolidation can unlock greater value, especially where infrastructure and network effects matter most.

For Flutterwave, the acquisition of Mono represents more than a product upgrade. It reflects a bet on the future of African financial infrastructure, one where payments, data, and trust work seamlessly together to fuel the next generation of digital services across the continent.

The post Flutterwave acquires Mono in strategic push for open banking first appeared on Technext.