Payments firm Flutterwave has acquired Mono in a move to boost its open banking infrastructure. The terms of the deal were not revealed.
In a public statement, Flutterwave said the purchase improves its ability to build a “connected, interoperable financial system for Africa.”
Flutterwave is a payments technology firm that enables businesses worldwide including Africa and other emerging markets. Flutterwave reports that it has processed over 1 billion transactions in excess of USD $40 billion, serving customers like Uber, Air Peace, Bamboo, and PiggyVest,
Mono’s API-driven platform provides 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.
Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave, commented on the deal:
“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 their capabilities across financial data access combined with Flutterwave’s scale and global reach, create something more 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.”
