The acquisition of Mono by Flutterwave has been completed for $30 million. This all-stock deal marks a significant milestone. It highlights growth in Nigeria’s fintech sector.
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Abdul Hassan’s Path to Success
Abdul Hassan is recognised as the founder of Mono. His entrepreneurial journey began with Washify. This Uber-like service for laundromats was launched but failed in 2014.
In 2016, Skylar Labs was introduced by Hassan. An AI-focused startup, it rebranded to Hyphen. Acceptance into accelerators in Abu Dhabi and France was achieved. Funding of 60,000 euros was secured. The company was later sold for an undisclosed amount. This became Hassan’s first exit.
OyaPay was built next in 2018. Offline payments for vendors were enabled through this platform. Challenges arose from an investor who was also a family member. External funding was blocked. The business was shut down as a result.
Employment at Paystack as a product manager was taken by Hassan. His co-founder for Mono was met there.
The Rise of Mono
Mono was founded in 2020. The focus on open banking and financial data aggregation was placed. Entry into Y Combinator occurred in 2021. A total of $17.5 million was raised between 2020 and 2021.
Innovative solutions for account connectivity were provided by Mono. Businesses across Africa were supported.
Details of the Flutterwave Acquisition
Mono has been acquired by Flutterwave. The deal is valued at $30 million. All-stock terms were used. Shares in Flutterwave have been received by Mono’s investors.
Future returns are now tied to Flutterwave’s performance. Options include secondary sales, further funding, or an IPO. This acquisition is not viewed as a mega exit like Paystack’s. Yet, strategic value is added to Flutterwave’s offerings.
For more details, visit Flutterwave’s official site or Mono’s page.
Growth in the sector is demonstrated by this move. Nigerian startups are gaining global attention. Resilience in entrepreneurship is exemplified by Hassan’s story. Opportunities for innovation continue to emerge.
