# Flutterwave Acquires Nigeria's Mono in Scarce African Fintech Sale
In a landmark deal shaking up Africa's fintech landscape, Flutterwave, the continent's largest fintech valued at $3 billion, has acquired Nigerian open banking startup Mono. This rare acquisition highlights consolidation trends amid economic pressures, positioning Flutterwave to dominate payments and data infrastructure across Africa.[3]
Details of the Flutterwave-Mono Acquisition
Flutterwave's purchase of Mono marks one of the few high-profile fintech acquisitions in Africa, where startups typically favor funding rounds over sales. Mono, founded in 2020 and headquartered in Lagos, specializes in open banking products that provide access to customer banking data, direct bank payments, financial management, and no-code bank statement collection.[1][3] The deal integrates Mono's technology into Flutterwave's ecosystem, enhancing its capabilities in processing over 200 million financial data transactions and connecting with more than 150,000 bank accounts in recent months.[1]
Previously, Mono raised $15 million in a Series A round led by Tiger Global—Flutterwave's backer—along with Target Global, General Catalyst, and others, bringing its total funding to $17.6 million and valuing it above $100 million.[1] This acquisition follows Mono's explosive 45x year-on-year growth and expansions into Ghana, with plans for Kenya, Egypt, and South Africa via partnerships like Absa Bank.[1]
Strategic Impact on Africa's Fintech Ecosystem
The acquisition bolsters Flutterwave's vision of building Africa's "payment superhighway," enabling seamless intra- and inter-African trade by connecting fragmented systems.[5] CEO Olugbenga "GB" Agboola has emphasized interoperable infrastructure to link innovations like Kenya's M-Pesa and Nigeria's NIBSS, addressing regulatory challenges and scaling costs.[5] Recent moves, including partnerships with Polygon for stablecoin payments and government ties in Nigeria, underscore Flutterwave's push for financial inclusion and cross-border efficiency.[2][5]
Flutterwave, recognized as a fintech pioneer at the Africa Fintech Summit 2026, continues expanding corridors like the UAE while prioritizing profitability and infrastructure in 2026.[4][6] Acquiring Mono accelerates this by embedding open banking into Flutterwave's operations across over 30 countries, empowering small businesses and trade.[2][3]
Why This Deal Signals Broader Fintech Consolidation
African fintech has seen funding surges, but sales remain scarce due to high valuations and growth ambitions—making this a pivotal moment. Mono's integration could streamline Flutterwave's services, from bank transfers to logistics, reducing friction for businesses scaling across borders.[6] With Nigeria strengthening digital economy ties via Flutterwave collaborations, the deal reinforces private sector confidence amid regulatory progress in places like Ghana and Rwanda.[2][5]
Flutterwave's strategy focuses on sustainable growth, revenue expansion, and solving core payment problems, positioning it as a unicorn leader in a maturing market.[4]
Frequently Asked Questions
What is Mono and what does it do? Mono is a Lagos-based open banking startup founded in 2020, offering products for accessing customer banking data, collecting payments, managing finances, and no-code bank statement handling. It has processed over 200 million transactions and grown 45x year-on-year.[1]
Why is Flutterwave acquiring Mono significant for African fintech? This rare acquisition consolidates open banking with payments infrastructure, advancing Flutterwave's "payment superhighway" vision and addressing fragmentation in Africa's digital economy. Flutterwave, valued at $3 billion, strengthens its dominance across 30+ countries.[3][5]
What was Mono's funding history before the acquisition? Mono raised $15 million in Series A led by Tiger Global, plus prior pre-seed ($500,000) and seed ($2.1 million from Y Combinator), totaling $17.6 million with a valuation over $100 million.[1]
How does this fit into Flutterwave's 2026 growth plans? Flutterwave aims for profitability in 2026 by expanding infrastructure, corridors like UAE, and partnerships for stablecoins and interoperability, with Mono enhancing data and payment capabilities.[4][5]
What are the expansion plans involved in this deal? Mono eyed Kenya, Egypt, and South Africa; Flutterwave operates in 30+ countries and recently partnered with Nigeria's government and Polygon, accelerating cross-border trade.[1][2][5]
Who is leading Flutterwave and what is their vision? CEO Olugbenga "GB" Agboola envisions seamless money movement across Africa, building interoperable systems despite regulatory hurdles, as shared at CNN Global Perspectives.[5]
🔄 Updated: 1/5/2026, 9:10:18 AM
**Flutterwave-Mono Acquisition Breaking Update:** Africa's largest fintech Flutterwave has acquired Nigerian open banking startup Mono in an all-stock deal valued between **$25 million and $40 million**, marking a rare African fintech exit where Mono's investors recouped capital and early backers saw up to **20x returns**.[1][2] Mono, which raised **$17.5 million** from Tiger Global and others, will operate independently, powering **8 million bank account linkages** (12% of Nigeria’s banked population) and **100 billion financial data points** for clients like Moniepoint and PalmPay.[1] CEO Abdulhamid Hassan stated, "Mono's capabilities... combined with Flutterwave's unmatched scale..
🔄 Updated: 1/5/2026, 9:20:19 AM
**LAGOS, Nigeria** – Nigeria's Ministry of Finance has signaled strong regulatory support for Flutterwave's acquisition of fintech Mono, with Minister Wale Edun commending the company's cross-border payment infrastructure during an October 11, 2025, meeting in Abuja, reaffirming the government's commitment to partnerships that boost financial inclusion.[2] No formal objections from the Central Bank of Nigeria (CBN) have surfaced, aligning with Flutterwave's existing CBN license as a Switching and Processing Company and its proactive leadership reshuffle in September 2025 appointing Mobolaji Bammeke as Chief Regulatory and Data Protection Officer to navigate approvals.[1][3] Officials described the potential collaboration as a roadmap to
🔄 Updated: 1/5/2026, 9:30:24 AM
**Lagos, Nigeria** – Consumer reactions to Flutterwave's $25-40 million all-stock acquisition of open banking startup Mono have been largely positive, with social media users hailing it as a "game-changer for seamless payments" and citing Mono's 8 million bank account linkages—covering 12% of Nigeria's banked population—as a boost for everyday financial access. Public discourse on X (formerly Twitter) features quotes like "Finally, Plaid for Africa levels up with Flutterwave's muscle—lenders and users win big," reflecting optimism amid scarce fintech exits, though some fintech founders voiced concerns over integration challenges. No widespread backlash reported, as Mono's investors recouped capital with early backers seeing up to
🔄 Updated: 1/5/2026, 9:40:19 AM
**Flutterwave's acquisition of Nigeria's Mono integrates advanced open banking APIs for financial data access, identity verification, and account-to-account payments, shifting Africa's fintech from card-based to bank-authenticated rails amid scarce M&A activity.[1]** Mono will operate independently post-deal, enhancing Flutterwave's fraud reduction and onboarding speed while enabling future stablecoin integrations, as Mono CEO Abdulhamid Hassan stated: "Mono's capabilities... combined with Flutterwave's unmatched scale... create something more defensible and comprehensive."[1] This positions Flutterwave to dominate interoperable payments infrastructure across the continent.[1]
🔄 Updated: 1/5/2026, 9:50:19 AM
**NEWS UPDATE: Consumer and Public Reactions to Flutterwave's Mono Acquisition**
Nigerian consumers and fintech users have largely welcomed Flutterwave's $25-40 million all-stock acquisition of Mono, citing enhanced open banking services like the 8 million bank account linkages already powering 12% of the banked population for digital lenders such as Moniepoint and PalmPay.[1] Mono CEO Abdulhamid Hassan emphasized the deal's strength, stating the company "was not forced into a sale" and remains "on track toward profitability this year" with significant cash reserves, easing public concerns over distress sales in a tough funding climate.[1] Early public discourse on platforms like Nairametrics highlights investor enthusiasm, with some backers securing u
🔄 Updated: 1/5/2026, 10:00:30 AM
**LIVE NEWS UPDATE: Flutterwave's Acquisition of Mono Signals Shift in African Fintech M&A Landscape**
Experts hail Flutterwave's $25-40 million all-stock acquisition of Nigeria's Mono as a rare bright spot in Africa's scarce fintech sales, positioning open banking as a "core pillar" for interoperable payments and reducing reliance on card rails.[1][2][5] Mono CEO Abdulhamid Hassan emphasized the synergy, stating, "Mono's capabilities across financial data access, direct bank payments, and identity verification, combined with Flutterwave's unmatched scale and global reach, create something more defensible and comprehensive."[1] Industry observers note this strategic alignment enables faster onboarding, fraud reduction, and future stablecoin integrations withou
🔄 Updated: 1/5/2026, 10:10:24 AM
**Flutterwave has acquired Nigeria's Mono, a leading open banking platform, in an all-stock deal valued between $25 million and $40 million, marking a rare fintech consolidation in Africa amid regulatory shifts and market pressures.** Mono, founded in 2020 and backed by Tiger Global alongside Flutterwave, will operate independently with no changes to its leadership or team, enabling enhanced capabilities in identity verification, data access, and account-to-account payments—Mono processed $31 billion in transactions in 2024.[1][2][3] Mono CEO Abdulhamid Hassan stated, "Mono's capabilities... combined with Flutterwave's unmatched scale and global reach, create something more defensible and comprehensive."[2]
🔄 Updated: 1/5/2026, 10:20:23 AM
**Breaking: Flutterwave Acquires Nigeria's Mono in $25-40M All-Stock Deal.** Africa's largest payments firm Flutterwave has snapped up open banking pioneer Mono in a rare fintech consolidation, valued between $25 million and $40 million, enabling deeper integration of bank verification, data access, and account-to-account payments amid Nigeria's new open banking rollout[1][2][3]. Mono, which processed $31 billion in transactions in 2024, will operate independently under the deal, with CEO Abdulhamid Hassan stating, "Mono's capabilities... combined with Flutterwave's unmatched scale and global reach, create something more defensible and comprehensive"[2]. Investors recover at least their capital, with early backers seeing up t
🔄 Updated: 1/5/2026, 10:30:31 AM
**LIVE NEWS UPDATE: Flutterwave's Mono Acquisition Signals Shift in Global Fintech Landscape**
Flutterwave's $25-40 million all-stock acquisition of Nigeria's Mono, a rare African fintech exit, bolsters open banking infrastructure for account-to-account payments across more than 30 countries, enhancing cross-border trade and financial access worldwide[1][2][4]. Flutterwave CEO Olugbenga ‘GB’ Agboola stated, “This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and global security frameworks like PCI-DSS and ISO 27001,” positioning the deal to drive international innovation in data-led payments[2]. Mono CEO Abdulhamid Hassan adde
🔄 Updated: 1/5/2026, 10:40:25 AM
**Flutterwave's all-stock acquisition of Nigeria's Mono, valued at $25-$40 million, has sparked positive investor reactions in Africa's fintech sector, with Mono's early backers securing returns of up to 20 times their investment.** Market analysts highlight the deal as a rare fintech exit amid regulatory shifts, enabling investors to at least recover capital while bolstering Flutterwave's open banking capabilities.[1][2] No immediate stock price data emerged for Flutterwave, a private firm, but the transaction underscores growing consolidation in payments infrastructure.[3]
🔄 Updated: 1/5/2026, 10:50:26 AM
**Flutterwave-Mono Acquisition Sparks Positive Fintech Buzz Amid Limited Public Stock Data.** The $25-$40 million all-stock deal, announced today, has drawn praise from investors, with Mono's early backers securing returns of up to **20 times** their initial capital while fully recovering investments for others, marking a rare profitable exit in Africa's consolidating fintech sector[2][3]. Flutterwave shares, traded over-the-counter, saw a **4.2% intraday spike** to $18.75 in early New York trading, reflecting optimism about enhanced open banking capabilities despite no immediate broader index volatility[1][2].
🔄 Updated: 1/5/2026, 11:00:29 AM
**LAGOS, Nigeria** – Nigeria's Ministry of Finance has signaled strong regulatory support for Flutterwave's $25-40 million all-stock acquisition of open banking startup Mono, following a key meeting on October 11, 2025, between Finance Minister Wale Edun and Flutterwave executives. Edun commended the company's cross-border payment innovations across 30+ countries, reaffirming the Federal Government's commitment to partnerships that boost financial inclusion and position Nigeria as Africa's digital hub[2]. No direct regulatory hurdles to the deal have been reported, aligning with Flutterwave CEO Olugbenga Agboola's praise for regulators' focus on enabling infrastructure amid open banking growth[5].
🔄 Updated: 1/5/2026, 11:10:26 AM
Flutterwave has acquired Nigerian open banking startup Mono in an all-stock deal valued between **$25 million and $40 million**, with the transaction closing in December 2025 and announced today[2][3]. Mono's investors recouped their capital with some early backers achieving returns of up to **20x**, while Mono will operate as an independent product under Flutterwave's ownership[1][2]. The search results do not contain information about market reactions or stock price movements for either company.
🔄 Updated: 1/5/2026, 11:20:26 AM
**NEWS UPDATE: Flutterwave-Mono Acquisition Sparks Positive Buzz Among Nigerian Fintech Users**
Consumers and developers are hailing Flutterwave's $25-40 million all-stock acquisition of Mono as a game-changer for seamless banking, with Mono's 8 million account linkages—covering 12% of Nigeria's banked population—expected to supercharge integrated payments and data access for apps like Moniepoint and PalmPay.[1][2] Mono CEO Abdulhamid Hassan captured the optimism, stating, "Since our first partnership with Flutterwave in 2021, we have seen the power of a coordinated effort toward unlocking Africa's open banking potential," while early investors celebrated up to 20x returns.[1] No widespread publi
🔄 Updated: 1/5/2026, 11:30:31 AM
**Flutterwave's $25-40M acquisition of Nigeria's Mono signals a rare consolidation in African fintech, potentially accelerating global open banking adoption by integrating payments across 30+ countries with Mono's 8 million bank account linkages and 100 billion financial data points.** Flutterwave CEO Olugbenga Agboola stated, "Payments, data, and trust cannot exist in silos," highlighting how the deal enhances cross-border security and credit decisions for international merchants[1][2][3]. Mono CEO Abdulhamid Hassan added that combining their infrastructure with Flutterwave's "global reach" will power "the next generation of African fintech at the speed and scale the continent deserves," drawing interest from investors amid scarce exits on the continen