Flutterwave acquires Mono
African payments technology company Flutterwave has acquired Mono, a pioneer in open banking infrastructure across the continent.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
African payments technology company Flutterwave has acquired Mono, a pioneer in open banking infrastructure across the continent.
Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments. Under the terms of the acquisition, Mono will continue to operate independently, with no changes to its leadership structure, team, or day-to-day operations. Flutterwave’s stake enables strategic alignment rather than operational control, allowing Mono to maintain its pace of innovation while contributing its open banking infrastructure to Flutterwave’s broader payments ecosystem.
According to TechCrunch, Mono has raised about $17.5 million from investors, including Tiger Global, General Catalyst, and Target Global.
Commenting on the acquisition, Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, said, “This acquisition reflects how we think about the future of financial infrastructure in Africa. Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space. This acquisition allows us to expand what’s possible for businesses operating across African markets, while staying grounded in security, compliance, and local relevance.”
Abdulhamid Hassan, founder and CEO of Mono, said, “We built Mono to unlock Africa’s open banking potential, and since our first partnership with Flutterwave in 2021 and working together over the years, we’ve seen the power of a coordinated effort towards this goal. 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. This acquisition allows us to build the infrastructure layer that powers the next generation of African fintech at the speed and scale the continent deserves.”
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now