Africa’s leading payments startup, Flutterwave, has acquired Nigerian open-banking company Mono in an all-stock transaction estimated to be worth between $25 million and $40 million, marking one of the most significant fintech mergers in the region in early 2026.

Under the deal, Mono will retain its brand and continue to operate independently, with its co-founder and CEO, Abdulhamid Hassan, remaining at the helm. The acquisition strengthens Flutterwave’s infrastructure by integrating Mono’s open-finance rails, which provide access to bank account data, cash-flow insights, and financial behaviour across users and businesses.

Industry analysts say the move positions Flutterwave to expand beyond payments processing into credit-linked services, risk assessment, and deeper account-to-account transfers. By owning open-banking infrastructure, Flutterwave gains better visibility into transaction data flowing through its platform, a strategic advantage as competition intensifies across Africa’s fintech ecosystem.

The choice of an all-stock structure signals a focus on conserving cash while aligning long-term incentives between both companies. Although the reported valuation has sparked debate within venture circles, executives involved insist the transaction was driven by strategic fit rather than financial pressure.

The acquisition reflects a growing trend among African growth-stage startups to consolidate complementary capabilities instead of operating in silos. As Flutterwave continues to pursue global expansion and a path to sustained profitability, the Mono deal underscores a broader shift toward building full-stack financial platforms across the continent.