Flutterwave, a Nigerian fintech company, has raised US$250 million in Series D funding to fuel its expansion plans, bringing its value to over US$3 billion.
The US$250 million SeriesD round, led by B Capital Group, includes existing investors such as Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, and Salesforce Ventures, as well as new investors such as Alta Park Capital, Whale Rock Capital, and Lux Capital.
Flutterwave, which was founded in 2016, develops modern payment technologies and infrastructure for Africa in order to connect people and businesses to the global economy. Its technology allows banks and merchants to replace many payment connections with a single API that allows any type of payment to be processed anywhere in Africa.
“Ours is a story of hard work and dedication. Our success has been fueled by the support of our customers, partners, banks, the general public, regulators, and, most importantly, our employees. Under the leadership of Dr. Godwin Emefiele, the Central Bank of Nigeria created the foundation for Nigeria’s revolutionary Payment System, provided the platform for innovation in this field, and has continued to implement laws that have allowed us to grow and thrive. “We are grateful to them, as well as all the other Central Banks in all the countries where we operate,” stated Flutterwave founder and CEO Olugbenga ‘GB’ Agboola.
To date, the company has completed over 200 million transactions totaling over US$16 billion, and it services over 900,000 enterprises, including Uber, Flywire, and Booking.com. Nigeria, Uganda, Kenya, and South Africa are among the 34 African countries where Flutterwave has infrastructure.
Flutterwave’s valuation has more than tripled since it concluded a US$170 million Series C investment round less than a year ago, reaching “unicorn” status with a valuation of over US$1 billion.
The fresh funding will support Flutterwave’s ambitious expansion plan, which includes accelerating client acquisition in existing areas, expanding through M&A, developing complementary products, and fostering new product and service improvements.