• Flutterwave acquired Nigerian open banking startup Mono in an all-share deal valued between $25 million and $40 million.
• The acquisition expanded Flutterwave’s platform beyond payments into banking data access, identity verification, and account-to-account payments.
• Mono continued to operate independently while aligning strategically with Flutterwave’s payment ecosystem.

Flutterwave, a pan-African payment technology company, announced on Jan. 5, 2026 that it had acquired Nigerian startup Mono, which specialized in open banking services.

Several Nigerian media outlets, citing sources close to the transaction, said Flutterwave executed the deal entirely in shares. Those sources estimated the transaction value at between $25 million and $40 million.

The companies finalized the agreement in December 2025. At that time, Mono founder and chief executive Abdulhamid Hassan said a majority of the startup’s shareholders and its board had approved the acquisition by Flutterwave. Mono continued to operate under its existing structure following the acquisition.

The company maintained its management team, staff, and daily operations. Flutterwave did not assume operational control, as both parties focused on strategic alignment rather than full integration.

This model allowed Mono to continue developing its solutions while providing its infrastructure to support Flutterwave’s broader payment ecosystem.

The acquisition formalized a partnership that began in 2021. The two companies previously collaborated through multiple commercial and technical partnerships, which laid the groundwork for the transaction.

Open banking at the core of Flutterwave’s strategy

Mono developed application programming interfaces that allowed businesses to access customer banking data, initiate payments, and verify identities.

Fintech companies, merchants, and developers used these tools to build financial services. By integrating Mono’s APIs, Flutterwave expanded its operational scope.

Until now, Flutterwave primarily handled local and cross-border payments across more than 30 African countries. The platform now also covered customer onboarding, identity verification, bank account confirmation, data-driven risk analysis, and direct bank payments, including one-time and recurring transactions.

The integration enabled faster payment service deployment for businesses.

The platform strengthened identity checks, improved fraud detection, and simplified account-to-account payments by reducing reliance on multiple intermediaries.

For Flutterwave, the move deepened vertical integration and extended control across the value chain, from banking data access to regulatory checks and payment execution.

Implications for the fintech ecosystem

In the medium term, the partnership opened the door to new use cases.

Flutterwave said it planned to develop alternative payment methods, authenticated payment flows, and, eventually, stablecoin-based use cases compatible with open banking principles.

The company aimed to improve revenue generation, strengthen customer retention, and build infrastructure that competitors would find difficult to replicate.

Mono gained access to a broader pan-African network and higher transaction volumes.

Founded in 2020, the startup currently operated in Nigeria, South Africa, and Ghana. By joining Flutterwave, Mono integrated into a platform used by businesses of varying sizes across the continent, with the shared goal of building financial infrastructure at scale.

This article was initially published in French by Chamberline Moko

Adapted in English by Ange Jason Quenum