Flutterwave, the Nigerian payments technology company, has reached an agreement to acquire fellow fintech Chimoney, according to a report by TechCabal. The acquisition, which has not been officially confirmed by either company, is said to involve a cash-and-stock deal valued at between $25 million and $30 million. The move is positioned as a strategic step for Flutterwave to enhance its payout infrastructure and expand its suite of services.
The acquisition follows a period of strategic recalibration for Flutterwave, which has faced regulatory scrutiny and legal challenges in Kenya and Nigeria over the past two years. Under the leadership of CEO Olugbenga Agboola, the company has sought to consolidate its operations and focus on core business lines. The integration of Chimoney’s technology is expected to provide Flutterwave with a more robust platform for handling bulk payments, remittances, and corporate payouts, areas where Chimoney has built a reputation.
Chimoney, founded by CEO Uchi Uchibeke, operates a platform that allows businesses and developers to send money and digital value to recipients across various channels, including mobile money, bank accounts, and airtime. The company, which is incorporated in Canada but serves a global clientele with a focus on Africa, has processed over 100,000 transactions. Its API-first approach and focus on simplifying complex payout flows have made it an attractive target for a larger player like Flutterwave seeking to deepen its technical moat.
“The deal is a talent and tech acquisition,” a source familiar with the matter told TechCabal, indicating that Flutterwave’s interest extends beyond Chimoney’s customer base to its engineering capabilities and product architecture.
The reported acquisition price of up to $30 million represents a significant outcome for Chimoney, which had raised a pre-seed round of $1.5 million in 2022 from investors including BKR Capital. For Flutterwave, the deal is a tactical investment in a competitive segment of the market. The African fintech landscape has seen increased merger and acquisition activity as larger, well-funded companies look to acquire specialized technology and talent to accelerate growth and fend off competition.
This consolidation trend is particularly evident in the payments and remittance space, where scale and interoperability are critical. Flutterwave’s acquisition of Chimoney can be seen as a response to similar moves by rivals and a bid to capture a larger share of the cross-border and corporate payout markets. The integration process will be closely watched, as successful assimilation of Chimoney’s team and technology could strengthen Flutterwave’s product offering ahead of a potential initial public offering, a long-stated goal for the company.
Neither Flutterwave nor Chimoney provided an official comment on the reported deal at the time of publication. The transaction, if finalized, would mark one of the more notable acquisitions in the African tech sector in 2026, underscoring a shift from a period of rapid, venture-fueled expansion to one of strategic maturation and integration.