Flutterwave, a leading payment technology firm in Africa recently announced that it had secured a $170 million funding from a leading group of international investors as part of a successful Series C round led by growth-equity firms Avenir Growth Capital (“Avenir”) and Tiger Global Management LLC (“Tiger Global”) with participation from new and existing investors.
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,
according to Wendy, Head Branding and Storytelling at Flutterwave. In recent months, Flutterwave has doubled its efforts to increase financial inclusion in Africa.
But how did Flutterwave grow to become a darling of investors in less than 5 years? In the words of Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave,
When Flutterwave was founded in 2016, the payments landscape in Africa was highly fragmented so the goal was to build a pan-African platform that simplified payments for everyone. However our successes would not be possible without (1) Our amazing team of 300+ employees that work tirelessly to achieve our goals (2) The trust and support we have received from our investors and customers and (3) Regulatory bodies like the Central Bank of Nigeria which – under the leadership of the current Governor, Mr Godwin Emefiele – has remained at the forefront of the significant efforts that are currently being made by African governments to create the enabling environment for technology, innovation and financial inclusion. This humbling support has created the backbone upon which companies like Flutterwave have been able to thrive.
Flutterwave is a Payments Technology Company that helps businesses all over the world expand their operations in Africa and other emerging markets, through a platform that enables cross-border transactions via one API. Flutterwave has processed over 140M transactions worth over USD $9B to date and serves more than 290,000 businesses including customers like Uber, Flywire, Booking.com, etc. The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave etc. The company has an infrastructure reach in over 33 African countries, including Nigeria, Uganda, Kenya, and South Africa. For more information on the company’s journey, please visit their website.