Flutterwave, Africa’s largest payments technology company, has acquired Nigerian open banking startup Mono in an all-stock deal valued between $25 million and $40 million, TechCrunch reports. The acquisition brings one of Africa’s most prominent open banking companies under the Flutterwave umbrella, as the payments giant looks to expand its infrastructure beyond transactions into data and financial services. According to a press release, Mono will continue to operate independently under its existing leadership team. Mono: Africa’s Answer To Plaid Founded in 2020 and backed by investors like Y Combinator, Mono builds
A Kenyan High Court has reportedly granted the Asset Recovery Agency’s (ARA) request to drop its final lawsuit against Flutterware, a Nigerian payment company. A Re-Run Of Flutterwave To Date Flutterwave was founded in 2016 and achieved unicorn status in 2021, leaving it valued at $3 billion by February 2022. This made the company the most valuable African startup before facing several allegations and reports of the CEO Olugbenga Agboola bullying and harassing staff. There were also allegations that Agboola illegally exploited assets, participated in financial impropriety, and operated without
Of course, the closure announcement was a big shock to everyone since Disha had reportedly bootstrapped to more than 20,000 users and had claimed to have a monthly growth rate of about 100 percent. No one expected this would happen, but as with most startups – resources are a significant problem, and a lack of them can mean great companies fall through the gap. The Nigeria-based platform allows digital creators to curate, sell digital content, create portfolios, and receive payments from their audience globally. This is a  $100 billion economy.
