The acquisition formalizes a partnership that has existed since 2021 and reflects Flutterwave’s renewed strategic focus on building robust infrastructure and sustainable growth rather than rapid expansion, according to Chief Executive Officer Olugbenga Agboola.
Profitability and Resilience in Focus
Speaking to Bloomberg, Agboola emphasized that Flutterwave is prioritizing profitability and operational resilience over aggressive market growth. “Right now, our focus is profitability, resilience, and better infrastructure, and that is why we acquired Mono,” he said. He added that the acquisition strengthens Flutterwave’s position as “a better candidate for everything,” including a potential IPO.
Flutterwave had initially announced plans to list on the Nasdaq in 2022 but later delayed and ultimately paused the process to address internal challenges and focus on building a sustainable and profitable business model.
Strategic Value of Mono
Mono, a fintech that enables businesses to access customer financial data securely for credit assessments, onboarding, fraud reduction, and seamless payments, has become a critical component of Nigeria’s digital finance ecosystem. Before the acquisition, Flutterwave paid Mono on a per-transaction basis for account-to-account payment services. Ownership of Mono, Agboola explained, will significantly lower these costs, improving profit margins on these processes by at least 10%.
The technology is also expected to help Flutterwave capitalize on broader payment opportunities arising from Nigeria’s ongoing banking sector recapitalization, which could boost lending, trade, and e-commerce activity across the region.
Growth and Market Reach
Since its launch in 2016, Flutterwave has expanded into roughly 35 African countries, supports payments in over 30 currencies, and processes around 500,000 transactions daily. According to company records, it has processed more than 630 million transactions worth $31 billion. The firm was last valued at $3 billion following a funding round in January 2022 that tripled its valuation.
While Flutterwave has not disclosed the financial terms of the Mono acquisition, the integration of Mono’s technology is expected to play a central role in the company’s long-term growth and efficiency strategy.
IPO Outlook
Agboola has previously stated that a Flutterwave IPO would only take place once the company achieves consistent profitability. Strengthening the company’s payment infrastructure through acquisitions like Mono is viewed as a key step toward creating the operational and financial resilience necessary for a successful public listing.
“The goal is to build a stronger, more cost-efficient payments rail across Nigeria and Africa,” Agboola said. “This makes any future IPO more feasible and sustainable.”
The acquisition underscores Flutterwave’s commitment to balancing growth with operational efficiency, positioning the company to leverage Africa’s growing digital economy while remaining aligned with global fintech standards.