Flutterwave-Mono-open-banking.webp
The Digest:

African payments giant Flutterwave has acquired Nigerian open banking platform Mono in a strategic all-stock deal valued between $25 million-40 million, aiming to merge expansive payment networks with deep financial data infrastructure to drive innovation across the continent.

Key Points:
  • Flutterwave, Africa's leading payments company, has acquired open banking startup Mono.
  • The all-stock deal is reportedly valued between $25 million and $40 million.
  • Mono, often called 'Plaid for Africa,' connects over 8 million accounts across 50+ banks.
  • The merger combines Flutterwave's network in 30+ countries with Mono's data and identity APIs.
  • Mono will operate independently but gain access to Flutterwave's licenses and scale.
  • The acquisition aims to reduce fraud, speed up customer onboarding, and spur innovation in credit.
  • CEOs of both companies hailed the move as key to building a connected, inclusive financial stack for Africa.
The merger represents a monumental convergence in Africa's fintech storm, where the pathways for moving money and the bridges for accessing financial data are joining to reshape the continent's economic landscape.

Sources: Nairametrics, Mono/X app

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.