Africa’s largest fintech company, Flutterwave, has acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million, according to people familiar with the transaction.
The acquisition brings together two of Africa’s leading fintech infrastructure companies. Flutterwave operates one of the continent’s widest payments networks, while Mono, often described as the “Plaid for Africa,” has built APIs that allow businesses to access bank data, initiate payments, and verify customers.
Mono has raised about $17.5 million from investors, including Tiger Global, General Catalyst, and Target Global. Sources close to the deal said the acquisition allowed investors to at least recoup their capital, with some early backers seeing paper returns of up to 20x based on the implied valuation of the stock they received from Flutterwave. Mono will continue to operate as an independent product, the companies said in a statement.
Sources close to the deal said the acquisition allowed investors to at least recoup their capital, with some early backers seeing paper returns of up to 20x based on the implied valuation of the stock they received.Flutterwave buys Nigeria’s Mono in rare African fintech exit
