NEWS-UPDATE: Fintech Startup Flutterwave Raises $250 Million at Over $3 Billion Valuation
Africa-focused fintech firm Flutterwave has raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and growing existing customer base. The latest funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group and Boston-based hedge fund Whale Rock Capital Management, Flutterwave said.
Founded in 2016 in Nigeria, the San Francisco-headquartered, specializes in individual and consumer transfers, one of several fintech firms aiming to facilitate and capitalize on Africa’s booming payments market. It (funding) gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world, founder and Chief Executive Officer Olugbenga Agboola said.
The completion of the fundraising round, more than two years after Flutterwave announced a partnership with Visa and Worldpay, highlights the growing interest in the burgeoning payments market in Africa. Since its inception, Flutterwave has processed more than 200 million transactions valued at over $16 billion across 34 countries in Africa, the company said, adding, it now served 900,000 customers.
Flutterwave is a Nigerian fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent. The company was founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola , and Adeleke Adekoya and is headquartered in San Francisco, California with operations in Nigeria, Kenya, Ghana, South Africa , and seven other African countries. In 2021, Flutterwave raised a US$170 million Series C funding round.At the time, this was the largest amount ever secured by an African tech startup and gave it a valuation of over US$1 billion, making Flutterwave a unicorn. Investors in Flutterwave include Y-Combinator, Visa Ventures, Mastercard, Avenir Growth Capital, and Tiger Global Management. The funding of S$250 million Series D newly raised by Flutterwave will further position the company as a tier one service provider in the continent.