San Francisco, USA – Flutterwave, Africa’s largest fintech company, has acquired Mono, a Nigerian open banking startup, in an all-stock deal finalized on January 5, 2026. The acquisition aims to bolster Flutterwave’s payments infrastructure with Mono’s capabilities in secure financial data access, identity verification, and account-to-account payments.
The transaction, valued between $25 million and $40 million according to sources familiar with the deal, brings together two key players in Africa’s fintech landscape. Flutterwave operates a broad payments network across the continent, while Mono, often referred to as the “Plaid for Africa,” has built APIs that enable businesses to connect with and analyze customer bank data. Mono has previously raised $17.5 million from investors including Tiger Global, General Catalyst, and Target Global.
Under the terms of the agreement, Mono will continue to operate as an independent product, maintaining its existing leadership structure, team, and day-to-day operations. Flutterwave’s investment is designed to foster strategic alignment rather than exert operational control, allowing Mono to continue innovating while integrating its open banking infrastructure into Flutterwave’s broader ecosystem.
According to a statement released by Flutterwave, the acquisition reflects a shift in Africa’s payments landscape, moving away from traditional card-based systems towards bank-based, authenticated, and locally relevant payment methods. Integrating Mono’s APIs is expected to streamline onboarding processes, enhance verification procedures, reduce fraud, and facilitate seamless account-to-account payments for Flutterwave’s clients.
“Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space,” said Flutterwave Founder and CEO Olugbenga ‘GB’ Agboola. “This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and local relevance.”
Mono CEO and founder Abdulhamid Hassan stated that the acquisition will accelerate the realization of Africa’s open banking potential. He highlighted a previous partnership with Flutterwave, initiated in 2021, as a catalyst for recognizing the power of collaborative efforts. “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,” Hassan said.
Mono currently powers over 8 million bank account linkages, representing roughly 12% of Nigeria’s banked population, and has processed millions in direct bank payments. Its customer base includes Moniepoint, backed by Visa, and PalmPay, supported by GIC. The acquisition is expected to pave the way for the development of richer alternative payment methods, authenticated payment flows, and potentially, open banking-enabled stablecoin employ cases.
The deal also provides an exit for Mono’s early investors, with some reportedly receiving returns of up to 20x based on the implied valuation of the stock received from Flutterwave.
