Silverbacks Holdings, the private investment firm led by Ibrahim Sagna, has confirmed its 10th profitable exit following the acquisition of open banking startup Mono by fintech unicorn Flutterwave.
The all-share transaction, details of which remain undisclosed, represents a significant consolidation play within the Nigerian fintech stack. Mono, often pitched as the “Plaid for Africa,” provides the API infrastructure that allows companies like Moniepoint and PalmPay to access customer bank data. Its absorption by Flutterwave suggests a move by the payments giant to bring critical open-banking infrastructure in-house.
For Silverbacks, the deal adds to a string of liquidity events that the firm claims has validated its investment thesis.
The Return on Fintech
While many investors in the African tech ecosystem are currently grappling with valuation markdowns and a dry secondary market, Silverbacks released performance data claiming an overall 13.7x cash-on-cash return on its fintech portfolio over the last five years.
The firm disclosed several high-multiple partial exits that drive these figures:
LemFi (Cross-border payments): 29.0x MOIC (Multiple on Invested Capital)
Flutterwave (Payments): 24.3x MOIC
Cassbana (Egypt, Financial identity): 9.7x MOIC
Moove (Mobility fintech): 5.1x MOIC
OmniRetail (B2B e-commerce): 5.0x MOIC
Kuda (Digital banking): 3.7x MOIC
The firm reports that its regional performance has averaged 10.7x in Nigeria and 9.7x in Egypt, figures that stand out against the backdrop of a broader venture capital slowdown on the continent.
“Our successful exit from Mono… validates our early conviction in foundational African fintech,” said Ibrahim Sagna, Chairman of Silverbacks Holdings.
The Sports Pivot
As the fintech portfolio matures, Silverbacks is directing attention toward the “creative economy”—specifically sports and entertainment.
In a move to bridge the gap between African rights holders and global media markets, the firm announced today that Hollywood actor and director Boris Kodjoe and South African producer Pepsi Pokane have invested in its sports platform.
The duo joins the firm’s advisory board, sitting alongside existing investors such as Sandy Climan and Verdine White (Earth, Wind & Fire).
Silverbacks’ sports assets are currently a mix of physical teams and sports-tech, including:
- The Cape Town Tigers: A semi-finalist basketball team in the NBA-backed Basketball Africa League (BAL).
- African Warriors Fighting Championship (AWFC): A Lagos-based combat sports promoter.
- NERGii: A sports-tech hardware startup producing performance insoles.
The “Convergence” Thesis
The entry of Kodjoe and Pokane signals Silverbacks’ intent to treat African sports teams as media assets rather than just sporting clubs.
“I recognize a game-changing convergence when I see one,” said Pokane. “Silverbacks’ sports platform… is poised to redefine how African sports content is created, distributed, and consumed.”
The bet is that African sports properties, which have historically lacked commercial infrastructure, can replicate the valuation growth seen in Western sports franchises if paired with proper management and celebrity backing.
With a 13x fintech track record now on the books, Silverbacks will face the pressure of proving that the volatile world of sports and media can deliver similar returns to investors.