In a move that significantly reshapes the African fintech landscape, Flutterwave, the continent’s most valuable fintech firm, has acquired the Nigerian open banking pioneer Mono. The all-stock transaction, valued between $25 million and $40 million, unites Flutterwave’s massive payment network with Mono’s specialized data infrastructure.
This acquisition allows Flutterwave to offer a truly “full-stack” financial service, moving beyond simple payment processing into deep data analytics and credit assessment.
The “Plaid of Africa” Joins the Giant
Founded in 2020, Mono has become the backbone for Nigerian digital lenders by solving the “data gap.” In markets where traditional credit bureaus are limited, Mono’s APIs allow businesses to securely access customer bank data to verify identity and assess creditworthiness.
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Market Reach: Mono has powered over 8 million bank account linkages, covering roughly 12% of Nigeria’s banked population.
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Data Scale: The startup has processed over 100 billion financial data points for clients, including major players like Moniepoint and PalmPay.
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Investor Exit: The deal allowed backers like Tiger Global and General Catalyst to recoup their capital, with some early investors seeing 20x returns.
Vertical Integration: The “Single Stack” Advantage
For Flutterwave, this deal is about vertical integration. By folding Mono’s technology into its ecosystem, Flutterwave can now offer a seamless, all-in-one experience for businesses:
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Onboarding: Instant identity and bank account verification.
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Risk Assessment: Data-driven insights into a user’s spending and repayment capacity.
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Payments: Execution of one-time or recurring bank transfers.
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Trust: A unified framework for open banking that complies with evolving regulations.
The Shift to a Credit-Driven Economy
Both CEOs agree that Africa is entering a “credit-led” phase of financial inclusion. As governments push for increased lending to stimulate the economy, the demand for reliable financial data is skyrocketing.
“Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.” — Olugbenga ‘GB’ Agboola, CEO of Flutterwave.
Strategic Snapshot: Flutterwave x Mono
| Metric | Details |
| Transaction Value | $25 million – $40 million (All-stock) |
| Operating Model | Mono to remain an independent product |
| Combined Reach | Payments in 30+ countries + Data for 12% of Nigeria’s banked |
| Core Clients | Digital lenders, Moniepoint, PalmPay, Visa-backed firms |
