Flutterwave acquires Mono in all-stock deal valued at $25-40M

On January 5, 2026, Flutterwave, Africa's largest payments company, acquired Nigerian open banking platform Mono in an all-stock transaction. The deal value was reported between $25 million and $40 million according to people familiar with the matter. Mono had raised approximately $17.6 million prior to the exit from investors including Tiger Global (lead on its Series A), General Catalyst, Target Global, Entrée Capital, Lateral Capital, and others.

Mono will continue as an independent unit within Flutterwave, with CEO Abdulhamid Hassan retaining day-to-day operational control and the product maintaining technical autonomy. The acquisition gives Flutterwave deeper access to financial data infrastructure, enhancing identity verification, onboarding, fraud reduction, and account-to-account payments across its platform. It combines Mono's data layer with Flutterwave's payment rails and licenses in over 30 countries.

For Mono's investors, the deal provided an exit in a challenging environment; some early backers reportedly achieved up to 20x paper returns via Flutterwave stock, while others at least recouped capital. The transaction reflects broader consolidation trends in African fintech, where infrastructure players integrate with scaled operators rather than raising standalone growth capital. Mono was on track for profitability with significant cash reserves at the time of the deal.

Mono provides APIs that allow businesses, with customer consent, to access bank account data (statements, balances, transactions, identity verification) and initiate direct bank payments (account-to-account). Its customers include fintechs, lenders, and other enterprises such as Flutterwave, Carbon, PiggyVest, and Mastercard. The company primarily serves the Nigerian market with operations or pilots in Ghana and Kenya.

Founded in 2020 by Abdulhamid Hassan (ex-Paystack) and Prakhar Singh, Mono positioned itself as the "Plaid for Africa." It grew rapidly, processing hundreds of millions of financial data transactions and enabling millions of bank linkages. Revenue streams are primarily from API usage and payment facilitation fees. As of 2025, it was approaching profitability with a lean team and no layoffs during the funding winter.

In January 2026, Mono was acquired by Flutterwave in an all-stock deal. It continues to operate as an independent unit with its own branding and technical autonomy while benefiting from Flutterwave's scale, licenses, and pan-African footprint.