Flutterwave, Africa’s leading payments technology company and most valuable fintech unicorn, has acquired Mono, a Nigerian open banking startup backed by Y Combinator, in an all-stock transaction valued between $25 million and $40 million.

The acquisition brings Mono’s API-driven open banking infrastructure into Flutterwave’s ecosystem. Mono’s platform enables businesses to securely access financial data, verify customer identities, monitor financial activity, and initiate direct account-to-account payments across banks and fintech platforms.

Often referred to as the “Plaid for Africa,” Mono has facilitated millions of bank account connections and processed large volumes of financial data. Its client base includes major digital financial platforms such as Moniepoint and PalmPay, as well as several leading lenders and fintech companies.

Despite the acquisition, Mono will continue to operate as an independent entity, with no changes to its leadership, team, or daily operations. This structure allows the company to maintain its pace of innovation while leveraging Flutterwave’s extensive footprint across more than 30 African countries, including its licenses, payment rails, and regulatory infrastructure.

The deal signals a broader shift in Africa’s fintech ecosystem toward bank-based, authenticated payment methods rather than traditional card-centric systems. This transition is expected to improve onboarding speed, reduce fraud, and enable more seamless direct payments.

The acquisition also represents one of the few notable exits in Africa’s fintech space in recent years, providing liquidity for Mono’s investors during a period of tightened global funding conditions.

By starting 2026 with this strategic move, Flutterwave positions itself for deeper vertical integration in payments and financial infrastructure, strengthening its role in supporting Africa’s rapidly evolving digital economy.

Commenting on the acquisition, Flutterwave Founder and CEO Olugbenga ‘GB’ Agboola said the deal reflects the company’s vision for the future of financial infrastructure on the continent.

“Payments, data, and trust cannot exist in silos. Open banking is the connective tissue, and Mono has built critical infrastructure in this space. This acquisition expands what’s possible for businesses across African markets while remaining grounded in security, compliance, and local relevance,” he said.

Mono’s Founder and CEO, Abdulhamid Hassan, described the acquisition as a natural progression of the partnership between both companies, which began in 2021.

“We built Mono to unlock Africa’s open banking potential. Combining our capabilities in financial data access, direct bank payments, and identity verification with Flutterwave’s unmatched scale creates a more comprehensive and defensible infrastructure layer for the next generation of African fintech,” Hassan said.

The transaction was advised by Nichole Yembra, Founder and Managing Partner of The Chrysalis Advisors Africa, who supported both parties through strategic positioning and execution.