Flutterwave Buys Mono to Build Full-Stack African Fintech Infrastructure

New updates have been reported about Flutterwave.

Flutterwave has acquired Nigerian open-banking startup Mono in an all‑stock deal reportedly valued between $25 million and $40 million, in a move that significantly deepens its infrastructure footprint across African financial services. By bringing Mono’s bank-data and account-to-account payments APIs into its existing payments network in over 30 African countries, Flutterwave is positioning itself as a vertically integrated platform that can handle payments, onboarding and KYC, bank account verification, data-driven risk assessment, and one-time or recurring direct bank payments in a single stack. While Mono will continue to operate as an independent product, the acquisition effectively gives Flutterwave control over infrastructure that underpins nearly all Nigerian digital lenders, and extends its capabilities into open banking at a time when regulators in key markets like Nigeria are formalizing frameworks for data sharing and account access.

Strategically, the deal gives Flutterwave a stronger role in Africa’s emerging credit-driven phase of fintech, where lenders and other financial institutions depend on granular transaction data to assess income patterns, spending behavior, and repayment capacity in markets with weak credit bureau coverage. Mono, which has powered over 8 million bank account linkages—about 12% of Nigeria’s banked population—and delivered some 100 billion data points to lending companies, provides Flutterwave with both scale and credibility in this segment, and is expected to accelerate Mono’s cross-border expansion by leveraging Flutterwave’s licenses, enterprise relationships, and compliance infrastructure. Flutterwave CEO Olugbenga ‘GB’ Agboola framed the acquisition as a bet on the convergence of payments, data, and trust, arguing that open banking is the connective layer for Africa’s next growth cycle, while Mono’s leadership emphasized that joining a larger platform is a more attractive path than raising fresh capital at potentially challenging valuations. For investors and partners, the transaction underscores an ongoing consolidation trend in African fintech, where leading infrastructure players are combining payments rails and data platforms to achieve scale, improve regulatory alignment, and strengthen their position with enterprise customers and lenders across the continent.