[Ignore the structure of the post. It was originally supposed to be tweet that got out of hand and I just kept typing. And since my blog has been abandoned forever, I decided to just make it a blogpost, make 2025 of zero blogposts no happen again.]

I just read about the acquisition of Mono by Flutterwave in a $30M all stock deal.

Put some respek on Shola Akinlade's name!

Many argue when I say without Paystack Nigerian Fintech will be nowhere developed as it is today. I'll go further. Without Paystack's exit to Stripe, 60% of African funds will not exit today. And we'll have no Unicorns, bar Interswitch.And without Michael Seibel at the top of YC.... you know the answer. Y'all (we?) are already crying.

It is important I make these statements with a level of authority, so it will, hopefully, provoke conversations that allow people to scrutinize why certain outcomes happened in the past and see if they can repeat themselves. And if not, why not.

Stuff didn't just happen, it was architected. Paystack could easily have raised a Series B (with a few secondaries available), but didn't. Why? There was a greater good to be thought about. Unfortunately, people who did not understand 2nd order consequences, did not think about that and began blabbing nonsense like "Paystack sold too early 🤣". Imagine calling a $0-$200M+ liquidity in 5 years (pre-2021) in Africa too early. Hubris! "Nigeria is the giant of Africa" type hubris.

Oya exit another one na. 'too early' kpachie gị ike.

Abdul, the founder of Mono, has created a much better outcome for Mono shareholders than other worse available options. $30M in Flutterwave's stock (valuation for the deal is unknown) is much better than shutting down or activating zombie mode and starting a new company.

But the African tech ecosystem needs liquidity. Maybe we should qualify what exits mean so people understand we need CASH circulating back. Secondaries, for only the earliest of investors and founders will never build a tech ecosystem (not that I am complaining. lol). And neither will touristy seasonal "Africa funds" nor funds raised on the premise of needing unicorns to return capital will lead us to the promised land.

GB got a good deal (Abdul is solid, and Mono is a great product) and having Flutterwave's engine behind the Mono product can be a force multiplier. I wish them/us well. A lot of the future of venture funding in Africa depends on how Flutterwave succeeds. Eyes on Moniepoint and LemFi too.

No pressure, lads, but Paystack has run 100 laps for what was supposed to be the first leg of a 4x1.We need one of you to take the baton, so we begin a new story.

PS: Mono, a well built (ex Paystack) & backed YC company ($17M raised), that pioneered a massive category (fintech + open banking). Selling for $30M in Flutterwave's stock after 5 years (when open banking just opened), should command more serious commentary from the tech Media & community. All I've seen is hi-fiving about knowing the news since last year and not breaking it. Ok, congratulations! and a Happy New Year!