Flutterwave Acquires Mono in Major Move for African Fintech Landscape
Flutterwave has bought Nigerian startup Mono in a deal worth $25M to $40M boosting fintech growth in Africa.
Lagos: Flutterwave, Africa’s top fintech firm, has bought Mono, a Nigerian open banking startup. The deal is worth between $25 million and $40 million. This move brings together two important fintech companies in Africa. Flutterwave runs a big payments network, while Mono helps businesses access bank data and verify customers.
Mono has raised about $17.5 million from investors like Tiger Global and General Catalyst. This deal lets Mono’s investors get their money back, and some even made up to 20 times their investment. Mono will still work as its own product, according to both companies.
Founded in 2020, Mono helps users share their bank information using APIs. This helps banks check income and spending. Mono solves problems with bank data access in Africa, where credit checks are limited. Many lenders use Mono to check customers’ bank history for credit scores.
According to CEO Abdulhamid Hassan, nearly all digital lenders in Nigeria depend on Mono. The company has linked over 8 million bank accounts, helping about 12% of Nigerian bank users. They have processed millions of payments and delivered large amounts of financial data to clients like Moniepoint and PalmPay.
For Flutterwave, which handles payments in over 30 African countries, this deal adds more services. Besides payments, Flutterwave can now help with verifying identities and bank accounts. CEO Olugbenga ‘GB’ Agboola said this is a smart move for Africa’s fintech future.
Both CEOs believe Africa is moving towards more credit-based finance. For this to work, they need strong data systems and a trust in regulations. Hassan said deep data knowledge is key for understanding income and spending in the future.
Joining Flutterwave helps Mono grow quickly once regulations improve. Flutterwave is ready with local licenses and compliance teams in many markets, allowing businesses to expand safely.
Looking back, this merger is similar to failed attempts in global fintech like Visa’s blocked purchase of Plaid. Hassan believes combining data with payments can drive growth.
Both companies have the same investor, Tiger Global, but they did not help make this deal happen. This partnership grew from years of working together on different payments.
Five years ago, Mono faced stiff competition from other startups. But since then, it has grown stronger in the field, even as its rivals faced challenges.
Hassan shared that Mono was not forced to sell to Flutterwave. The company is on track for profit this year. Having enough cash means they are not in a rush to raise more funds in a tough market.
This acquisition not only benefits Flutterwave and Mono, but it also shows how African fintech is changing. Startups are looking to join larger platforms instead of just trying to grow alone.