At a Glance
- Flutterwave acquires Mono, enabling Silverbacks’ tenth profitable exit from African fintech infrastructure.
- Mono underpins Nigeria’s digital finance ecosystem, supporting lending, payments, and bank connectivity platforms.
- Silverbacks builds consistent exits by backing infrastructure-first African technology champions early.
Silverbacks Holdings, a Mauritius-based private investment firm led by Senegalese financier Ibrahim Sagna, has secured its tenth profitable exit following the $40 million acquisition of Nigerian open-banking startup Mono by payments firm Flutterwave, marking another milestone for the Mauritius-based investment company.
The all-share deal brings together two businesses already backed by Silverbacks, which is led by Senegalese financier Ibrahim Sagna.
Mono’s role in Nigeria’s fintech infrastructure
The transaction highlights the firm’s long-term strategy of investing in foundational African technology platforms rather than consumer-facing apps alone.
Founded in 2019, Mono has become a core layer of Nigeria’s fintech infrastructure, enabling secure bank account connectivity for digital lenders, payment providers and financial services companies.
Flutterwave acquisition delivers Silverbacks’ tenth exit
Its technology supports platforms such as Moniepoint and PalmPay, which serve millions of users across the country. “Our exit from Mono, achieved through consolidation with Flutterwave, validates our early conviction in African fintech infrastructure,” Ibrahim Sagna said. “It shows that patient, platform-led investments can deliver both strategic and financial outcomes.”
The Mono deal follows Silverbacks’ ninth profitable realization through a partial divestment from Omniretail, a Nigerian B2B commerce startup digitizing informal retail supply chains. That transaction delivered a cash multiple of about five times invested capital.
Sagna has further disclosed that the National Basketball Association (NBA) has opened talks with his firm to buy a franchise in its growing league on the continent, a move to ultimately find 12 buyers for its franchises, and Silverbacks Holdings is aiming to be part of it.
Silverbacks’ strategy of backing foundational African platforms
Established in 2019, Silverbacks operates from Mauritius and focuses on tech-enabled, media-oriented and sports-adjacent businesses across Africa, sectors often underserved by long-term institutional capital.
Since becoming executive chairman in late 2022, Sagna has sharpened the firm’s focus on backing what he calls “Africa-born champions.” Before founding Silverbacks, Sagna held senior roles at the African Export-Import Bank and the Africa Finance Corporation, experiences that shaped the firm’s emphasis on infrastructure, distribution and ecosystem-building.
With ten profitable exits now completed, Silverbacks is emerging as one of the more consistent Africa-focused growth investors. As consolidation accelerates across fintech and digital commerce, the firm’s portfolio-driven strategy suggests further exits may follow.
