Flutterwave buys Nigeria’s Mono in rare African fintech exit

Core Insights - Flutterwave, Africa's largest fintech company, has acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million [1] - The acquisition combines two leading fintech infrastructure companies in Africa, enhancing Flutterwave's payment network and Mono's API capabilities [2] Company Overview - Mono has raised approximately $17.5 million from investors, including Tiger Global, General Catalyst, and Target Global, allowing investors to recoup their capital with some achieving returns of up to 20x [3] - Founded in 2020, Mono provides APIs for users to share bank information, addressing the lack of standardized access to bank data in African markets [4] Market Impact - Nearly all Nigerian digital lenders rely on Mono's infrastructure, which has facilitated over 8 million bank account linkages, covering about 12% of Nigeria's banked population [5] - Flutterwave's acquisition deepens its vertical integration, enabling it to offer a comprehensive suite of services including onboarding, identity checks, and data-driven risk assessments [6] Strategic Vision - Flutterwave's CEO framed the acquisition as a strategic move for Africa's fintech growth, emphasizing the importance of integrating payments, data, and trust [7] - The transition to a credit-driven phase in Africa is supported by the need for substantial data infrastructure and regulatory confidence, particularly in evolving markets like Nigeria [7]