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. This acquisition merges two leading fintech infrastructure companies, with Flutterwave's extensive payments network and Mono's APIs that facilitate access to bank data and customer verification. Mono, often referred to as the "Plaid for Africa," has powered over 8 million bank account linkages and processed significant financial data, supporting nearly all Nigerian digital lenders. The acquisition enhances Flutterwave's offerings by integrating payments, onboarding, identity checks, and data-driven risk assessments, positioning the company for further growth in Africa's evolving fintech landscape. This matters because it marks a significant step in the consolidation of African fintech, potentially accelerating financial inclusion and innovation across the continent.
