Flutterwave Acquires Mono in $25m–$40m All-Stock Deal

Flutterwave has acquired Nigerian open-banking startup Mono in an all-stock transaction valued between $25 million and $40 million. The deal strengthens Flutterwave’s business beyond payments by adding open-banking data and verification capabilities.

What Mono Brings Into Flutterwave

Mono is known for building APIs that allow businesses to connect to bank accounts with customer consent. These connections help fintechs and other companies verify account ownership, access bank data, support bank-based payments, and make better risk decisions, especially for lending.

Mono has become important infrastructure for Nigeria’s digital lending ecosystem, where many lenders rely on bank transaction histories to understand income patterns and repayment ability.

Why Flutterwave Is Buying Now

Flutterwave already runs one of Africa’s widest payments networks across more than 30 countries. By adding Mono’s open-banking layer, Flutterwave can offer a wider set of services in one stack, including payments, onboarding support, identity and bank verification, and data-driven risk checks.

The strategy is simple: payments alone are not enough. Fintech growth increasingly depends on trust and data—who a customer is, whether an account is real, and what financial behaviour looks like over time.

What Changes for Mono, Customers, and Investors

Mono will continue to operate as a standalone product while its services are integrated into Flutterwave’s broader platform. This means existing Mono customers should still be able to use its APIs while Flutterwave expands its product offering to enterprise clients.

Mono has raised about $17.5 million from investors and claims it has powered over 8 million bank account linkages, covering roughly 12% of Nigeria’s banked population. It also says it has delivered large volumes of financial data to lenders and processed bank payment transactions for customers including Moniepoint and PalmPay.