Flutterwave has said its acquisition of Nigerian open-banking startup Mono Technologies Nigeria Ltd. will accelerate its profitability drive and improve its readiness for a future initial public offering (IPO).
The comments were made by Flutterwave’s Chief Executive Officer, Olugbenga Agboola, following the completion of the acquisition. Flutterwave has partnered with Mono since 2021.
Although the company did not disclose the value of the deal, it said Mono’s technology will become a core part of its long-term infrastructure and operational strategy.
Deeper Infrastructure Over Rapid Expansion
The Mono acquisition reflects a broader strategic reset by Flutterwave, focusing on infrastructure ownership, cost efficiency, and long-term resilience rather than aggressive expansion.
With operations spanning Africa and the United States, including major hubs in Lagos and San Francisco, the payments company is prioritising sustainability as it prepares for its next phase of growth.
Agboola: Profitability Is the Priority
In an interview with Bloomberg, Agboola said Flutterwave is now firmly focused on building a profitable and durable business.
“Our focus today is profitability, resilience, and stronger infrastructure, which is why we acquired Mono,” he said, noting that the deal makes Flutterwave better positioned for major milestones, including a potential IPO.
Flutterwave had earlier announced plans to list on the Nasdaq in 2022 but later paused the process to address internal issues and improve operational stability.
Cost Reduction and Margin Expansion
Prior to the acquisition, Flutterwave paid Mono transaction-based fees for account-to-account payment services. By bringing Mono in-house, the company expects to significantly reduce these expenses.
Agboola said the move should lift profit margins on those payment processes to at least 10%, supporting Flutterwave’s broader profitability goals.
Flutterwave’s Market Reach and Valuation
Flutterwave currently operates in around 35 African markets, supports payments in more than 30 currencies, and processes approximately 500,000 transactions each day, according to company data.
The fintech was last valued at $3 billion after a January 2022 funding round that tripled its valuation and reinforced its position as one of Africa’s leading fintech companies.
Mono’s Importance in Nigeria’s Fintech Ecosystem
Mono has become a critical infrastructure provider in Nigeria’s fintech space, enabling businesses to securely access customer financial data for:
- Credit and risk assessment
- Faster onboarding
- Fraud prevention
- Seamless account-to-account payments
By fully integrating Mono’s capabilities, Flutterwave aims to deepen its payment stack and unlock new revenue opportunities.
Preparing for Banking Sector Reforms
Agboola also highlighted that Mono’s technology positions Flutterwave to benefit from Nigeria’s ongoing banking sector recapitalisation, which is expected to stimulate lending, trade, and e-commerce activity.
He said efficient payment infrastructure and access to financial data will be essential as banks expand their balance sheets and digital financial services grow.
Conclusion
Flutterwave’s acquisition of Mono signals a decisive shift toward profitability, infrastructure ownership, and long-term business resilience. By lowering transaction costs and strengthening its open-banking capabilities, the fintech is positioning itself for sustainable growth and improved readiness for a future IPO, while reinforcing its leadership in Africa’s evolving digital payments landscape.
