Olugbenga Agboola, co-founder of Flutterwave, has become one of Africa’s most influential tech entrepreneurs. In less than a decade, he has transformed the fintech startup he helped build into one of the continent’s most prominent technology brands, reshaping how businesses and consumers handle payments across Africa.

Since its launch in 2016, Flutterwave has grown into Africa’s largest payments startup, enabling merchants to accept local and cross-border transactions in more than 30 African countries. The company’s rapid growth has attracted global attention and major investors, and it has formed strategic partnerships with leading international brands, including Alipay, Uber, Audiomack, and Netflix.

But Agboola is not stopping at payments. He has increasingly turned his focus to artificial intelligence, a field he believes holds enormous potential for African startups. While AI remains a hot topic on social media platforms like X (formerly Twitter), Agboola is taking concrete steps to build the sector.

Backing African AI Startups

Through his venture fund, Resilience17 (formerly Berrywood Capital), Agboola has been investing heavily in Nigerian AI startups. In 2024, he launched Go Time AI, an accelerator program aimed at supporting African startups developing AI products.

The program’s first cohort received financial backing, technical support, and mentorship from industry experts. Selected startups were offered up to $200,000 in funding in exchange for eight per cent equity, providing a strong boost to emerging AI talent on the continent.

Mono Acquisition Signals Expansion Strategy

Agboola’s latest move further underscores his ambition to expand Flutterwave’s ecosystem. He recently acquired Mono, a Nigerian open-banking startup, in an all-stock deal reported to be worth between $25 million and $40 million.

Mono, founded in 2020, offers APIs that enable businesses to access bank data, initiate payments, and verify customers. The acquisition brings together two leading fintech infrastructure companies and is expected to significantly strengthen Flutterwave’s capabilities.

Both Flutterwave and Mono are backed by Tiger Global, a major investor in the fintech space. The deal is also expected to boost Agboola’s stake in one of Africa’s biggest payment networks, with his net worth estimated at over $200 million, a figure that is expected to rise substantially following the acquisition.