"The acquisition brings together two of Africa's leading fintech infrastructure companies. Flutterwave operates one of the continent's widest payments networks, while Mono, often described as the "Plaid for Africa," has built APIs that allow businesses to access bank data, initiate payments, and verify customers. Mono has raised about $17.5 million from investors, including Tiger Global, General Catalyst, and Target Global."
"Founded in 2020, Mono, like Plaid, uses APIs that allow users to consent to sharing their bank information, enabling financial institutions to analyze income, spending patterns, and repayment capacity. The company addresses the lack of standardized access to bank data across African markets, where credit bureaus remain limited and fintechs, especially lenders, often rely on customers' bank transaction histories to assess creditworthiness. According to CEO Abdulhamid Hassan, nearly all Nigerian digital lenders now rely on Mono's infrastructure."
"The company claims to have powered more than 8 million bank account linkages, covering roughly 12% of Nigeria's banked population. It also claims to have delivered 100 billion financial data points to lending companies and processed millions in direct bank payments. Customers include Visa-backed Moniepoint and GIC-backed PalmPay. For Flutterwave, which powers local and cross-border payments across more than 30 African countries, the deal deepens its vertical integration. In addition to payments, the company can now offer onboarding and ident"
Flutterwave acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million. Mono will continue to operate as an independent product. Mono raised about $17.5 million from investors including Tiger Global, General Catalyst, and Target Global, and the acquisition allowed investors to at least recoup capital with some early backers realizing returns up to 20x. Mono's APIs enable users to consent to share bank information for income, spending, and repayment analysis, bank payments, and customer verification. Mono claims over 8 million bank account linkages, roughly 12% of Nigeria's banked population, 100 billion financial data points delivered, and clients such as Moniepoint and PalmPay. Flutterwave powers payments across more than 30 African countries and gains deeper vertical integration to offer onboarding and identity-related services.
Read at TechCrunch
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