Flutterwave Inc. has stated that its acquisition of open-banking startup Mono Technologies Nigeria Ltd. will enhance its profitability strategy and reinforce its readiness for a potential initial public offering.

Flutterwave’s CEO, Olugbenga Agboola, made the remarks following the company’s purchase of Mono, a fintech partner since 2021.

The deal reflects a renewed strategic effort by Africa’s most valuable fintech unicorn to strengthen its infrastructure, reduce costs, and build a more resilient business in preparation for a future listing.

The Lagos- and San Francisco-based payments firm did not disclose the financial terms of the acquisition but confirmed that Mono’s technology will be central to Flutterwave’s long-term growth plans.

In an interview with Bloomberg, CEO Olugbenga Agboola emphasized that Flutterwave is prioritizing profitability and infrastructure over rapid expansion at this stage.

“Right now, our focus is profitability, resilience and better infrastructure, and that is why we acquired Mono,” he said.

Agboola added that the acquisition positions Flutterwave as “a better candidate for everything,” including a potential IPO.

The company had earlier announced plans to list on the Nasdaq in 2022 but later postponed and eventually paused the move to focus on addressing internal challenges and building a sustainable, profitable business.

Flutterwave has grown its operations to around 35 African countries, supports payments in over 30 currencies, and processes approximately 500,000 transactions daily, according to its website.

The company was last valued at $3 billion following a funding round in January 2022, which tripled its previous valuation.
Prior to the acquisition, Flutterwave paid Mono on a per-transaction basis for account-to-account payment services.

According to Agboola, fully owning Mono will substantially reduce these costs, boosting profit margins on these processes to at least 10 per cent.

Agboola also noted that Mono’s technology will enable Flutterwave to seize broader payment opportunities arising from the ongoing recapitalization of Nigeria’s banking sector, potentially accelerating lending, trade, and e-commerce activity.

Last year, Agboola stated that Flutterwave’s long-awaited IPO would only take place once the company achieves profitability.

The company had initially announced plans to list on the Nasdaq in 2022 but later deferred the move.