Flutterwave 3.0 heralds an era of limitless possibilities.
After raising $250 million in a Series D funding round, Flutterwave received a new valuation. The funding round raises the company’s valuation to $3 billion, making it Africa’s most valuable startup as of now.
Flutterwave, founded in 2016 by Olugbenga Agboola and Iyinoluwa Aboyeji and headquartered in San Francisco, California, offers a wide range of services ranging from card issuing and management to flexible payment options.
The company announced in March of last year that it had raised $170 million in a Series C round led by Tiger Global and Avenir, valuing it at $1 billion.
The most recent round of funding was led by B Capital Group of the United States, with participation from Alta Park Capital and Whale Rock Capital. Existing investors Salesforce Ventures, Tiger Global, Green Visor Capital, and Glynn Capital also took part.
Flutterwave has processed more than 200 million transactions estimated at over $16 billion since inception and served more than 900,000 businesses across the world.
We’re becoming what we wanted to be: the infrastructure for any kind of payments. There’s no sector you look at today in Africa that you wouldn’t see Flutterwave taking a piece of that and enabling merchants and consumers to grow and scale. At the moment, no IPO, The goal is to continue to grow and scale. But obviously, we plan to be IPO-ready from a maturity perspective, which means continue to build the infrastructure, cross our Ts and dot our Is if we choose to go that route.” -Olugbenga Agboola(CEO)
What the Investors had to say
At B Capital, we seek to back generational companies with broad platform potential. In addition to their emergence as the leading enterprise payments processor for the continent, Flutterwave is innovating at breakneck speed with novel fintech solutions for large corporates, SMEs and consumers. I’ve had the pleasure of backing this world-class team since 2017 and couldn’t be more thrilled that B Capital is leading their Series D. -(Matt Levinson, Partner at B Capital)
We believe the digitization of payments globally is one of the largest and most important trends in technology.
Having been investors in Flutterwave since 2017, we have had a front-row seat in seeing Flutterwave establish itself as a leading payments company in Africa as it drives adoption of seamless digital payments experiences for merchants and consumers alike. –David Glynn, Managing Partner of Glynn Capital
What should we expect from Flutterwave’s new valuation?
- A significant boost in customer acquisition in existing markets
- Deepen growth through mergers and acquisitions
- Facilitate product development.
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