Flutterwave is betting that its acquisition of Nigerian open-banking startup Mono will sharpen its push toward profitability and revive plans for a long-awaited IPO.
The deal, whose terms were not disclosed, brings key infrastructure in-house, giving the fintech giant deeper access to financial data, enhanced identity verification, and reduced transaction costs. By ending per-transaction fees previously paid to Mono, Flutterwave expects to lift margins on account-to-account payments to at least 10%.
The move also positions the company to tap new opportunities from Nigeria’s banking recapitalization, which could spur lending and digital commerce. After past delays linked to governance concerns and market volatility, Flutterwave says building a resilient, profitable business now comes first—making any future IPO a stronger, more credible prospect.
