The all-stock acquisition marks one of Africa’s rare fintech exits and deepens Flutterwave’s open banking and financial data capabilities.
In a period marked by tight funding and limited startup exits, Flutterwave’s acquisition of Nigerian open banking startup Mono is emerging as one of Africa’s most significant fintech deals in recent years.
The transaction, quietly completed in December 2025 and only recently disclosed, highlights a rare moment of liquidity in the continent’s fintech ecosystem. According to reports, the deal was structured as an all-stock acquisition, with neither company publicly revealing the final valuation. However, Mono’s co-founder and CEO, Abdulhamid Hassan, confirmed that the acquisition price exceeds the $17.5 million the company raised since its launch in 2019 a strong outcome for investors amid a challenging fundraising climate.
Founded in Nigeria and backed by Y Combinator, Mono built APIs that allow businesses to securely access bank data and initiate account-to-account payments. Often compared to Plaid in the United States, Mono became a cornerstone of Nigeria’s emerging open banking framework, powering services for fintech startups, lenders, and digital platforms. Early investors such as Ventures Platform, Voltron Capital, and Ingressive Capital are now benefiting from one of the few notable fintech exits on the continent.
For Flutterwave, Africa’s leading payments company, the acquisition is a strategic infrastructure play. Integrating Mono’s open banking capabilities gives Flutterwave direct access to financial data rails that are increasingly essential for credit scoring, lending, treasury services, and real-time payments. Flutterwave CEO Olugbenga “GB” Agboola said the move strengthens the company’s ability to build more inclusive and data-driven financial products for businesses across Africa.
Mono will continue to operate as a standalone product under Flutterwave, but with expanded ambitions. The startup plans to roll out a treasury management solution in 2026, enabling businesses to view and manage multiple bank balances from a single dashboard. Hassan revealed that Mono has already connected roughly eight million bank accounts, providing deep insight into how consent-based financial data can unlock new enterprise solutions.
The deal also reflects a growing trend within African fintech, where established players are acquiring specialised startups to defend market share and expand capabilities. Recent examples include Moniepoint’s acquisition of Kopo Kopo and Rivvest’s purchase of Kenya-based Hisa.
With Flutterwave operating across more than 35 countries through various licences, the acquisition could accelerate the adoption of open banking beyond Nigeria. For Mono, Flutterwave’s scale offers a pathway to transform open banking from a promising concept into critical financial infrastructure across Africa.
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