#USA #San Francisco #Open Banking #Flutterwave #Mono

Flutterwave Expands Payments Infrastructure with Acquisition of Mono

In a landmark move for Africa's payments ecosystem, Flutterwave, a frontrunner in digital payment solutions on the continent, has successfully acquired Mono, a recognized leader in open banking infrastructure. This strategic acquisition marks a significant milestone in Flutterwave's ongoing mission to provide a cohesive and interoperable financial system for African businesses and consumers alike.

Flutterwave's acquisition of Mono aligns with the evolving landscape of financial transactions across Africa, where there is a growing shift from traditional card-based payments to more bank-driven, data-secured methods. Mono’s innovative, API-based platform allows seamless access to financial data, facilitates identity verification, and supports direct account-to-account payments—capabilities that are increasingly vital as African markets evolve towards more trusted, data-oriented financial services.

Operational Independence and Strategic Alignment

Despite the acquisition, Flutterwave has confirmed that Mono will maintain its operational independence and existing leadership. This decision emphasizes Flutterwave's focus on strategic alignment rather than operational control, enabling Mono to continue its innovative journey while integrating its capabilities into Flutterwave’s extensive payments ecosystem. This collaboration is expected to accelerate the development of alternative payment methods that are both locally relevant and authentic.

Enhancing Payment Experiences

Integrating Mono’s advanced open banking APIs into Flutterwave's platform is set to enhance multiple facets of the payments process. Key improvements include the facilitation of faster onboarding procedures, enhanced verification methods, a notable reduction in fraud, and seamless account-to-account transfers. This development not only broadens Flutterwave's capabilities but also establishes a clearer path towards implementing richer alternative payment methods, paving the way for future possibilities such as open banking-enabled stablecoins.

As businesses across the continent seek to navigate the complexities of compliance-heavy processes, this acquisition directly addresses challenges such as identity checks and bank verifications. By leveraging Mono's infrastructure, Flutterwave can significantly improve conversion rates and overall reliability across its services.

Redefining the African Fintech Landscape

Olugbenga 'GB' Agboola, Founder and CEO of Flutterwave, articulated the overarching vision behind this acquisition, stating, "This acquisition reflects how we think about the future of financial infrastructure in Africa. Payments, data, and trust cannot exist in silos. Open banking provides the connective tissue, and Mono has built critical infrastructure in this space." Agboola emphasized that the integration will greatly expand the possibilities for businesses operating within African markets while ensuring adherence to security and compliance standards.

On the other hand, Abdulhamid Hassan, Founder and CEO of Mono, also shared his insights, highlighting the potential of this partnership: "We built Mono to unlock Africa's Open Banking potential, and with Flutterwave’s extensive reach, we can create a more defensible and comprehensive infrastructure layer to support Africa’s fintech future."

A Future-Oriented Investment

In the wake of Africa’s burgeoning digital economy, this acquisition signals a clearly defined shift towards systems that prioritize interoperability, data security, and sustainable growth. Flutterwave’s investment is a crucial step in establishing a robust financial framework designed to meet the needs of the modern African marketplace.

The acquisition was facilitated by Nichole Yembra of The Chrysalis Advisors Africa, who played a key role in guiding the strategic positioning and execution of this critical transaction.

About Flutterwave

Since its inception, Flutterwave has established itself as a key player in the payments technology sector, enabling businesses across the globe to efficiently navigate the complexities of transactions in Africa and other emerging markets. The company has processed over a billion transactions exceeding $40 billion and has a clientele that includes industry giants such as Uber and Air Peace. With an expansive infrastructure supporting payment modes from local cards to international transfers, Flutterwave continues to innovate and adapt to the evolving market needs.

About Mono

Founded in 2020 in Lagos, Mono has quickly become a pivotal player in Africa's open banking landscape. The company empowers various businesses to access essential financial data, verify identities, and enhance user experiences through its innovative API-driven solutions. Mono connects to over 50 banks, reaching more than 8 million customers across the continent, reinforcing its mission to shape Africa's internet economy through open banking.

As Flutterwave and Mono embark on this new journey together, the implications for the African fintech sector are profound and far-reaching, promising a wave of innovation and growth that could redefine financial transactions across the continent.