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    Nigeria’s Cash Swap Policy: Goals versus Results

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  • FINANCE
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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Flutterwave gets Switching and Processing licence from CBN

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    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

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  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

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    Sky.Garden survives Shutdown, gets New Owners

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  • NEWS
    Anchor Secures $2.4 Million Pre-Seed to Expand Product Services

    Anchor Secures $2.4 Million Pre-Seed to Expand Product Services

    Charting a New Era: David Daser’s Induction to Nigerian Protection Act

    Charting a New Era: David Daser’s Induction to Nigerian Protection Act

    iRevolution: What’s New and Exciting in Apple’s Latest Models

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    Elon Musk Rebrands Twitter to @X

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    Clafiya- Nigerian Health Technology Startup secures $610,000 Venture Capital

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    Top 4 Lucrative Tech Skills in  2023

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  • FEATURED
    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

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    Sky.Garden survives Shutdown, gets New Owners

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Flutterwave raises $250M in Series D Funding, now Valued over $3B

by Nuel Umahi
July 4, 2022
in News, StartUps
Reading Time: 5 mins read
0
Flutterwave raises $250M in Series D Funding, now Valued over $3B
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Africa’s leading fintech, Flutterwave has raised the sum of $250 million in a series D funding round which has now trippled the company’s valuation to over $3 billion.

The announcement of funding which was made available via a press release revealed that the round was led by B Capital Group and also saw participation from Alta Park Capital, Whale Rock Capital, Lux Capital among others while existing investors involved include Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.

This comes after Flutterwave’s last deal in March which had earlier pushed it’s valuation to a $1 billion having its Series C funding led by Tiger Global and Avenir Growth Capital.

The new funding raised places the company as the highest valued African startup above the $2 billion valuation set by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash in 2021, making it the fastest African growing unicorn.

With the funds raised, the company intends to intensify its drive in transforming the ways Africans transactions are done within and outside the continent. It also intends to grow its business, innovationd and technological mapping in Africa.

Furthermore, the funds raised will help the company achieve its goal of accelerating customer acquisition in existing markets and growth through M&A as well as developing complementary products to the already existing ones such as Send and the Flutterwave Store.

Flutterwave which was founded in 2016 by Olugbenga “GB” Agboola has aided in cross-border payments transactions of small to large businesses in Africa through one API. The company also assists businesses outside Africa expand their operations on the continent. Some of its international clients include Booking.com, Flywire and Uber.

The company’s reach has over 34 African countries which includes Nigeria, Uganda, Kenya and South Africa giving it the advantage in processing international payments in 150 currencies and multiple payment modes that involves local and international cards, mobile wallets, bank transfers and Barter.

Speaking on the funds raised, Olugbenga ‘GB’ Agboola said that the achieved milestone is as a result of hardwork, resilience and support of customers, the banks, the public, the regulators, and importantly, people.

“The Central Bank of Nigeria, under the leadership of Dr. Godwin Emefiele, laid the vision of a transformational Payment System in Nigeria, provided the framework for innovation in this space, and has continued to create regulations that have enabled us to grow and thrive. We are grateful to them and to all the other Central Banks in all the countries where we operate”, Agboola said.

He further added, “We are set out to build a platform that simplifies payments for everyone and today, our solutions are used across the globe to connect Africans to the world and the world to Africans. We are delighted that investors believe in us and our story and are committing their resources to this belief. This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team and the Africa technology market. It gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”

Matt Levinson, Partner at B Capital said, “At B Capital, we seek to back generational companies with broad platform potential. Flutterwave has a unique opportunity to accomplish this as the dominant payments infrastructure provider across Africa. 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. Flutterwave may ultimately build one of the most consequential fintech business in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”

David Glynn, Managing Partner of Glynn Capital also added, “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. We look forward to supporting the company as it addresses its significant growth opportunity in the years ahead.”

Tags: FintechFlutterwave
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