TL;DR
Flutterwave has bought Mono in an all-stock deal valued between $25 million and $40 million, bringing an open-banking provider into the continent’s largest payments network. Mono will remain an independent product while its investors are reported to have at least recouped capital, with some early backers seeing up to 20x returns.
What happened
Africa’s biggest fintech, Flutterwave, has acquired Nigerian open-banking startup Mono in an all-stock transaction reported to be worth between $25 million and $40 million. Mono, founded in 2020 and often compared to Plaid, supplies APIs that let companies access bank data, verify identities, and initiate payments. The startup says it has powered more than 8 million bank account linkages — roughly 12% of Nigeria’s banked population — delivered 100 billion financial data points to lenders, and processed millions in direct bank payments. Mono has raised about $17.5 million to date from investors including Tiger Global, General Catalyst and Target Global; sources say the acquisition allowed investors to at least get their capital back and that some early backers realized returns up to 20x. Flutterwave said Mono will continue operating as an independent product, while the combined stack could let Flutterwave offer onboarding, verification, bank-account checks and data-driven risk tools alongside payments.
Why it matters
- Combines payments rails with bank-data infrastructure, enabling tighter vertical integration of onboarding, verification and payments.
- Could accelerate lenders’ access to richer transaction data, which matters where credit bureaus and standardized credit files are limited.
- Signals a phase of consolidation in African fintech, where specialized infrastructure players may join larger platforms to scale.
- Highlights regulatory stakes for open banking: expansion depends on both technical infrastructure and regulatory confidence in customer data and funds safety.
Key facts
- Deal structure: all-stock acquisition valued between $25 million and $40 million, according to people familiar with the transaction.
- Mono founded in 2020 and described as a Plaid-like open-banking provider for Africa.
- Mono reports more than 8 million bank account linkages, covering about 12% of Nigeria’s banked populace.
- Mono says it has delivered 100 billion financial data points to lending firms and processed millions in direct bank payments.
- Mono has raised about $17.5 million from investors including Tiger Global, General Catalyst and Target Global.
- Sources say all Mono investors were able to at least recoup their capital; some early backers reportedly saw returns up to 20x.
- Flutterwave operates payments across more than 30 African countries and will offer Mono’s services as part of a broader stack while keeping it as an independent product.
- Tiger Global is an investor in both companies but did not facilitate the deal, according to the companies.
- PitchBook previously recorded a $15 million Series A for Mono at a $50 million post-money valuation in 2021.
What to watch next
- Mono will continue to function as an independent product after the acquisition (confirmed in the source).
- Whether Mono’s services will be deployed widely across Flutterwave’s more than 30 markets — not confirmed in the source.
- How regulators across key African markets, particularly Nigeria, will respond to tighter integration between payment rails and bank-data providers — not confirmed in the source.
Quick glossary
- Open banking: A system that lets customers grant third-party providers access to their banking data and payment services via APIs, typically to enable services like account verification, analytics, or payments.
- API (Application Programming Interface): A set of rules and tools that lets different software systems communicate and exchange data or functions.
- Payments network: A platform that routes and settles financial transactions between payers, payees, banks and other financial institutions.
- Bank account linkage: The process by which a user authorizes a service to connect to their bank account to share transaction data or enable payments.
Reader FAQ
How much did Flutterwave pay for Mono?
Reportedly an all-stock deal valued between $25 million and $40 million.
Will Mono continue to operate after the acquisition?
Yes. The companies said Mono will remain an independent product.
Did Mono’s investors get returns?
Sources say all investors at least recouped capital and some early backers realized returns up to 20x.
Did Tiger Global broker the transaction?
No. Tiger Global is an investor in both firms but did not facilitate the deal, according to the companies.
Africa’s largest fintech company, Flutterwave, has acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million, according to people familiar with the transaction….
Sources
- Flutterwave buys Nigeria’s Mono in rare African fintech exit
- Flutterwave buys Nigeria's Mono in rare African fintech exit …
- Flutterwave adquiere Mono: adquisición clave en fintech …
- Abdulhamid Hassan won't stop building until Mono …
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