Africa’s leading payments technology company, Flutterwave, has acquired the Nigerian open banking startup Mono in an all-stock transaction valued between $25 million and $40 million.
The acquisition, finalized in late 2025 and made public on Monday, January 5, 2026, marks a significant expansion of Flutterwave’s fintech infrastructure by integrating open banking and data analytics into its existing payments network.
Okay News understands that the deal brings together two of the continent’s most prominent fintech players to build what CEO Olugbenga ‘GB’ Agboola describes as the “connective tissue” for the next phase of African fintech growth. By folding Mono’s APIs into its ecosystem, Flutterwave will now offer a “super-stack” of services, including instant identity verification, bank account authentication, and data-driven risk assessments for lenders.
Under the terms of the agreement, Mono will continue to operate as an independent product while leveraging Flutterwave’s presence in more than 30 African countries to scale its operations. Abdulhamid Hassan, CEO of Mono, noted that the acquisition allows the startup to focus on deepening its data intelligence capabilities as the African economy enters a more credit-driven phase.
The transaction has provided a positive exit for Mono’s investors, including Tiger Global and General Catalyst, with early backers reportedly realizing returns of up to 20 times their initial capital. This rare multi-million-dollar exit is seen as a signal of growing consolidation within the African tech space as major platforms move to own the data and trust layers of the financial system.
