Flutterwave, Africa’s leading payments technology company, has officially announced the acquisition of Mono, a pioneer in open banking infrastructure. The strategic move is set to position open banking as a core pillar in the evolution of alternative payment methods across the continent.
While the financial terms of the deal were not officially disclosed, industry reports suggest the all-stock transaction is valued between $25 million and $40 million.
Under the terms of the acquisition, Mono will continue to operate as an independent entity. There will be no changes to its leadership structure, team, or day-to-day operations.
Flutterwave’s stake is designed to foster strategic alignment rather than operational control. This allows Mono to maintain its rapid pace of innovation while contributing its robust open banking infrastructure to Flutterwave’s expansive payments ecosystem.
The acquisition reflects a shifting landscape in African fintech. Experts and industry leaders increasingly recognize that the next phase of growth will be driven less by traditional card rails and more by bank-based payments: Direct account-to-account transactions, authenticated data and local relevance.
By integrating Mono’s APIs, Flutterwave expects to enhance its platform with faster merchant onboarding, improved identity verification, and reduced fraud.
Commenting on the milestone, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, noted that the future of financial infrastructure relies on breaking down silos.
“Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space,” said Agboola.
Abdulhamid Hassan, Founder and CEO of Mono, echoed these sentiments, highlighting the long-standing relationship between the two firms:
“Since our first partnership with Flutterwave in 2021… we’ve seen the power of a coordinated effort. This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves.”
At a time when Africa’s digital economy is demanding infrastructure that is open by design and built for trust, the investment signals a deliberate move toward systems that are interoperable, data-driven, and designed to support long-term growth across the continent
The transaction was advised by Nichole Yembra, Founder and Managing Partner at The Chrysalis Advisors Africa, who supported the parties through strategic positioning and execution.
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