Africa-focused payments technology company Flutterwave has acquired Mono, an African open banking and financial data infrastructure provider, in a move aimed at strengthening its bank-based and authenticated payment capabilities across the continent.
The acquisition, completed for an undisclosed amount, will see Flutterwave integrate Mono’s APIs into its platform to support account-to-account payments, identity verification, and secure access to financial data. Mono’s infrastructure will enable deeper connectivity with banks and financial institutions, enhancing payment flows and compliance capabilities.
Despite the deal, Mono will continue to operate as an independent company. According to Electronic Payments International, Mono’s leadership, team structure, and day-to-day operations will remain unchanged, with Flutterwave taking a strategic stake rather than direct operational control.
By incorporating Mono’s open banking technology, Flutterwave plans to expand support for bank-based and authenticated payment methods across key African markets. The integration is expected to improve customer onboarding and automated verification, reduce fraud risk, and streamline account-to-account transactions.
The combined platform is also expected to unlock future product development in alternative payment methods, authenticated payment flows, and open banking-enabled stablecoin use cases. For businesses, the enhanced offering is designed to simplify compliance-focused workflows such as identity checks and bank account validation, while improving payment reliability and conversion rates at scale.
Developers and partners will benefit from a unified infrastructure layer that provides access to both payments and financial data through a single integration.
Commenting on the acquisition, Flutterwave said the addition of Mono’s API technology positions open banking as a core pillar of Africa’s evolving payments ecosystem, supporting the next phase of innovation across the continent.
