The acquisition which was finalized in December 2025 but only recently disclosed—was executed as an all-stock transaction. Although the companies did not reveal the specific terms, Mono’s CEO, Abdulhamid Hassan, told Techpoint Africa that the deal’s valuation far exceeds the $17.5 million the startup has raised since inception.
Founded in 2019 and backed by Y Combinator, Mono developed APIs that enable businesses to access customer bank data and initiate direct bank-to-bank payments. The company grew into one of Nigeria’s leading open-banking platforms and was often referred to as Africa’s equivalent of Plaid, serving fintech firms, lenders, and digital platforms.
Mono attracted investments from both local and international firms, including Ventures Platform, Voltron Capital, and Ingressive Capital. The acquisition provides liquidity for some of these investors at a time when startup exits remain limited across Africa’s tech ecosystem.
Flutterwave, one of Africa’s largest payments companies, said the acquisition supports its strategy to strengthen the infrastructure behind its payment services. By integrating Mono’s banking data and account-access capabilities, Flutterwave gains a stronger foothold in open banking—an increasingly critical area for lending, credit assessment, and account-to-account transactions.
Flutterwave CEO Olugbenga “GB” Agboola said the deal would enable the company to develop more inclusive financial products by enhancing how businesses access and utilize financial data. Mono’s co-founder and CEO also described the acquisition as a logical progression, noting the growing convergence between open banking and payments.
Both companies confirmed that Mono will continue to operate as a standalone product under Flutterwave. Existing customers will retain access to Mono’s APIs, while Flutterwave plans a gradual integration of Mono’s technology into its wider payments ecosystem.
The transaction reflects a broader trend of consolidation within Africa’s fintech sector, following similar moves such as Rivevest’s acquisition of Kenya’s Hisa and Moniepoint’s planned acquisition of Kopo Kopo.
Although Flutterwave did not indicate whether additional acquisitions are planned, the Mono deal underscores how established fintech firms are increasingly turning to specialized infrastructure startups to expand capabilities and protect their market position.
