Flutterwave Acquires Nigerian Open-Banking Startup Mono
Flutterwave, one of Africa's largest payment platforms, has acquired Nigerian open-banking startup Mono in an all-stock deal valued between $25 million and $40 million. In 2021, during a $15 million Series A funding round, Mono was valued at $50 million post-money.
About Mono
Mono was founded in 2020 and has expanded to Kenya and Ghana. It has processed over 150 billion transactions and served more than 7 million users, positioning itself as a key player as the African fintech sector shifts towards bank-based and data-driven payment models. According to the agreement, Mono will continue to operate as a standalone product, with no changes to its leadership or daily operations.
Expanding Capabilities
Through this acquisition, Flutterwave, which focuses on payment infrastructure for merchants, banks, and international businesses operating in Africa, will be able to expand its capabilities beyond its current services to include open-banking, account-to-account transfers, and Know Your Customer (KYC) services across the continent.
Open-Banking in Africa
Open-banking is still in its early and uneven stages across African markets, with regulatory frameworks varying significantly from one country to another. While Nigeria has taken steps towards standardization, many markets still lack clear rules governing data sharing, consent, and liability, which is shaping the pace of adoption. The real bet is on the upcoming lifting of these regulatory barriers.
