Flutterwave Acquires Mono In All-Stock Deal To Deepen Open Banking Push

Africa’s top-valued fintech Flutterwave has acquired Nigerian open banking startup Mono in an all-stock deal valued between USD 25 M and USD 40 M, per TechCrunch sources, marking one of the most significant fintech infrastructure consolidations in Africa.

Founded in 2020 by Abdulhamid Hassan (CEO) and Prakhar Singh, Mono built APIs that allow businesses to access bank data, verify customers, and initiate payments.

The acquisition deepens Flutterwave’s vertical integration, combining payments, identity checks, bank verification, and data-driven risk assessment into a single stack spanning over 30 African countries.

Mono, which had raised USD 17 M (USD 2 M seed and USD 15 M series A) and is often described as the “Plaid for Africa”, will continue operating as an independent product, while gaining access to Flutterwave’s regulatory footprint and enterprise reach.