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Flutterwave has acquired Mono, an African open banking fintech, in a move aimed at deepening bank-based payments, data access, and trusted financial infrastructure across the continent.
Founded in 2020, Mono operates an API-driven platform that enables secure access to financial data, identity verification, and account-to-account payments. The company connects to more than 50 banks, reaching over eight million bank customers across multiple African markets.
Under the terms of the acquisition, Mono will continue to operate as an independent entity. Its leadership team, workforce, and day-to-day operations will remain unchanged.
The deal underscores a broader shift in Africa’s payments ecosystem, where growth is increasingly driven by authenticated, bank-based payment methods rather than traditional card rails. By integrating Mono’s open banking APIs, Flutterwave aims to enhance onboarding speed, strengthen verification processes, reduce fraud, and enable seamless account-to-account transactions for businesses operating on its platform.
The acquisition also positions Flutterwave to expand into more advanced alternative payment methods, authenticated payment flows, and, over time, open banking–enabled stablecoin use cases, as adoption and regulation evolve across African markets.
Commenting on the development, Flutterwave founder and Chief Executive Officer, Olugbenga “GB” Agboola, said the transaction reflects the company’s long-term view of Africa’s financial infrastructure.
“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 remaining grounded in security, compliance, and local relevance,” Agboola said.
Financial details of the transaction were not disclosed.
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