Africa’s largest fintech firm, Flutterwave, has acquired Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million, marking one of the most significant fintech consolidation moves on the continent in recent years. The deal is aimed at strengthening Flutterwave’s infrastructure by integrating open banking, financial data access and account-to-account payment capabilities into its core payments platform.
Mono, often described as Africa’s answer to global open banking firms like Plaid, provides application programming interfaces that allow businesses to securely access bank data, verify customer identities and initiate payments with user consent. As reported by Business Insider Africa, the acquisition enables Flutterwave to expand beyond payments into deeper financial data services, supporting products such as credit scoring, fraud detection and embedded finance.
People familiar with the transaction told TechCrunch that Mono’s existing investors, including Tiger Global and General Catalyst, will receive equity in Flutterwave as part of the deal. Mono will continue to operate as an independent brand, retaining its leadership team and product roadmap, while its technology is integrated into Flutterwave’s broader ecosystem.
The move reflects a growing trend among African fintech leaders to build full-stack financial platforms rather than standalone payment services. Analysts cited by BusinessDay say the acquisition gives Flutterwave access to millions of connected bank accounts and large volumes of transaction data, positioning the company to play a bigger role in Africa’s evolving open banking and digital finance landscape.
