Flutterwave raises $170m, processed over $1Billion in transaction across Africa
Flutterwave, Nigeria fintech company, has raised $170million from a group of investors in a Series C round; processed over $1billion in transaction value, making it easier to complete seamless and secure payments across Africa.
The round was led by some US investment firms include: Avenir and Tiger Global with participation from DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, Salesforce Ventures, Tiger Management, WorldpayFIS, and 9yards Capital, increases the company valuation up to more than $1billion
Mr. Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, who took to his Twitter handle today said, “When we started flutterwave in 2016, the idea was to build a payments technology infrastructure that connects Africa to global economy by making local and international payments seamless. We knew this would be incredibly difficult but we continued.
“Two years later, @theflutterwave had processed over $1Billion in transaction value by making it easier to complete seamless and secure payments across Africa. Today we are announcing our $170m series C funding. We have come a long way and you made it possible.
“We are grateful for our people, customer, investors, partners, regulators, the people at @EndeavourNigeria, and well-wishers. Through your support, we have empowered millions to start their journey to economic freedom, whenever they are, knowing that the world is their market,” he said.
The fundraise brings the total investment in Flutterwave to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty.
Flutterwave’s Series C fundraise comes on the back of an impressive run of 4 years in which Flutterwave reached over 290,000 merchants and over 500,000 registered Barter users, launched a range of new products and partnerships and expanded its infrastructure into over 33 countries.
Africa focused technology Payment Company was founded in 2016 by a Nigerian and headquarters in San Francisco is specialised in individual and consumer transfers.