Flutterwave Acquires Nigerian Fintech Startup Mono in Rare African Exit

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 brings together two of Africa's leading fintech infrastructure companies. Flutterwave operates one of the continent's widest payments networks, while Mono is often described as a 'super app' that provides a range of financial services to its users.

The acquisition is a significant development in the African fintech space, as it marks one of the few instances of a major fintech company exiting through an acquisition. Flutterwave's acquisition of Mono is expected to enhance its offerings and expand its reach in the Nigerian market.

Flutterwave operates in over 150 countries, and its acquisition of Mono is a strategic move to strengthen its presence in Africa. Mono, on the other hand, has been growing rapidly, with a user base of over 1 million people. The startup has also partnered with several major banks in Nigeria, including Access Bank and First Bank.

The acquisition is expected to create new opportunities for both companies, as they combine their expertise and resources to offer a wider range of financial services to their users. The deal is also expected to create jobs and stimulate economic growth in Nigeria.

Flutterwave's acquisition of Mono is a significant development in the African fintech space, and it is expected to have a major impact on the industry. The deal is a testament to the growing importance of fintech in Africa and the potential for innovation and growth in the region.

Sources

[1] Flutterwave buys Nigeria’s Mono in rare African fintech exit