In a big win for African fintech, Flutterwave, the continent’s leading payments company, has acquired Mono, a Nigerian startup known as the “Plaid for Africa.” The deal, announced on January 5, 2026, is an all-stock transaction valued between $25 million and $40 million. This marks one of the few notable exits in Africa’s startup scene lately, where funding has slowed but consolidation is picking up.
Flutterwave, co-founded in 2016 by Olugbenga “GB” Agboola, handles payments in over 30 African countries. It processes billions in transactions for businesses, from local shops to global firms. Mono, started in 2020 by Abdulhamid Hassan in Lagos, builds APIs that let companies access bank data, verify identities, start direct payments, and more. It has connected over 8 million bank accounts, about 12% of Nigeria’s banked people, and delivered billions of data points to lenders. Big clients include Moniepoint and PalmPay.
The two companies have worked together since 2021, so this acquisition builds on that. Mono will keep running independently, with the same team and leadership. No big changes for customers right away, but Flutterwave plans to blend Mono’s tech into its system over time. This adds tools for better onboarding, fraud checks, and account-to-account payments, key as Africa moves toward more bank-linked services.
GB Agboola said: “Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space.” Hassan added that joining Flutterwave will help scale faster, especially as rules around open banking improve in places like Nigeria.
Mono raised about $17.5 million from investors like Tiger Global, General Catalyst, and Target Global. Some early backers could see strong returns, up to 20x in places. The deal closed in December 2025 but went public now.
Why rare? African startups have struggled with exits amid a global funding dip. This shows bigger players like Flutterwave buying specialized tech to grow stronger. It could spark more deals as fintechs team up against rivals.
From a tech view, this boosts open banking in Africa. Better data sharing means easier loans, less fraud, and new products like recurring payments or even stablecoin ties down the line. With Flutterwave’s reach, Mono’s tools could spread wider, helping more businesses and people.
This acquisition kicks off 2026 strong for African fintech. As digital payments grow, combos like this could build the next big infrastructure. Watch for how it rolls out—could change how money moves on the continent.
