Flutterwave has agreed to acquire open banking company Mono, bringing financial data connectivity and account to account capabilities into its broader payments platform. The acquisition reflects a shift toward deeper financial infrastructure in African markets, where bank transfers, mobile money, and regional payment rails often sit closer to everyday customer behavior than card networks.

Why open banking matters for Flutterwave

Flutterwave already operates across multiple African markets with payments, remittances, wallets, and merchant services. Many of its business customers work across borders, handle diverse customer segments, and need payment flows that match local habits. Adding open banking helps address this reality at the infrastructure level.

With Mono’s technology, Flutterwave can access customer-permissioned bank data, verify account ownership, and support direct account to account transactions where appropriate. This can reduce friction during onboarding, improve fraud controls, and provide payment choices that align with how users prefer to transact in markets where card penetration is still developing.

From a platform perspective, this creates a closer connection between payments, identity checks, and financial data. It supports use cases that rely on verified account activity rather than static documentation or manual checks.

What Mono adds to the infrastructure

Mono was founded in 2020 with a focus on connecting fintech companies and financial institutions to bank systems through APIs. Its services make it possible to review transaction history with user consent, confirm that an account belongs to the right customer, and enable data-driven assessments in lending and financial services.

In many African markets, formal credit files remain limited for a large share of the population. Bank activity and transaction behavior therefore play a meaningful role in risk assessment, eligibility evaluation, and customer trust. Mono’s infrastructure has helped fill that gap by turning live financial data into an operational tool for fintech firms.

Keeping Mono as a distinct business unit within the Flutterwave group allows its team to continue developing its core product while aligning with a larger payments ecosystem.

How this shapes the ecosystem

The acquisition shows how African fintech infrastructure is maturing toward more integrated platforms. Open banking is becoming part of the base layer that supports compliance, underwriting, onboarding, and payment innovation. When financial data, identity checks, and payment initiation operate inside one environment, it becomes easier for partners and developers to design services that reflect real customer behavior at scale.

Key takeaways for fintech startups

Here is a short summary of the main lessons from this acquisition:

• Integrated platforms that combine payments and financial data can create stronger value for partners and developers.
  
  
• Customer-permissioned bank data supports better verification, onboarding, and risk assessment where credit files are limited.
  
  
• Account to account payment options remain strategically important in markets where bank transfers are widely used.
  
  
• Maintaining product independence inside a larger group can protect innovation while benefiting from platform scale.
  
  
• Infrastructure decisions increasingly shape how fintech products grow across multiple markets.

If you are developing or scaling a fintech product and want support in shaping your strategy, positioning, or partnership approach, Your Fintech Story can help you build a roadmap grounded in real market dynamics.

Reuters reported that Tencent backed fintech company Airwallex plans to invest about €200 million in the Netherlands over the next five years, strengthening its presence in Europe and deepening its operational base in Amsterdam. The move shows how the company is shifting from a primarily Asia Pacific growth story toward a more balanced global footprint.

For fintech founders, this decision is a useful case study in combining regulatory positioning, local presence, and international scale.

Building a Stronger European Hub

According to Reuters, the investment will support Airwallex’s Amsterdam operations and its broader European Economic Area activities. The company also plans to increase its local workforce by roughly 60 percent, bringing the Amsterdam team to around 70 full time employees by the end of 2026.

The Netherlands is a practical choice for a European hub. Amsterdam is a financial and technology centre within the EEA, and a local team helps align operations with regulators while improving proximity to clients in multiple markets.

Airwallex obtained a financial licence in the Netherlands in 2021, enabling it to provide services across the EEA. The upcoming investment builds on that foundation rather than treating Europe as a remote satellite market.

From Rapid Growth to Global Presence

Airwallex was founded in 2015 in Melbourne and has grown through a series of major funding rounds, including early backing from Tencent. Reuters reported that the company has passed $1 billion in annual recurring revenue and has been valued at more than $6 billion following recent investment activity.

Its platform supports over 150,000 business customers who use its services for international payments, multi currency accounts, and cross border financial operations. Airwallex is increasingly positioning itself as an infrastructure partner for globally scaling digital businesses.

Expanding in Europe also places the firm alongside established competitors such as Adyen, Mollie, and Bunq. These players have strong regional roots, while Airwallex brings a globally oriented infrastructure approach that appeals to companies operating across continents.

Key takeaways for fintech startups

Here are a few practical lessons fintech leaders can draw from Airwallex’s Netherlands strategy:

• Local regulatory presence can be a growth asset rather than a constraint.
  
  
• Hiring within strategic regions strengthens credibility with both clients and supervisors.
  
  
• Global platforms scale more effectively when operations are supported by grounded regional teams.

Airwallex’s investment illustrates how international expansion benefits from a clear regulatory base, a measured talent strategy, and a long term operational commitment rather than a purely commercial footprint.

If you are planning to scale your fintech into new regions or strengthen your go to market approach in Europe, contact Your Fintech Story. We help founders shape expansion strategies, refine positioning, and grow with confidence.