The Nigerian fintech company Flutterwave has announced that it has secured funding worth $170 million and that its value has risen to over $1 billion.
TechCrunch reports that the New York-based private investment firm Avenir Growth Capital and the hedge fund and investment firm Tiger Global led the Series C round of funding. Participating investors include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, and Worldpay FIS 9yards Capital.
Flutterwave was founded by Olugbenga Agboola in 2016 with offices in Lagos and San Francisco, and its vision is “to make it easier for Africans to build global businesses that can make and accept any payment, anywhere from across Africa and around the world.”
Last year, the company raised $35 million in its Series B round and announced a partnership with Worldpay FIS for payments in Africa. In 2018, it raised $20 million in its Series A round.
Over the years, Flutterwave has raised $225 million and is one of a few African startups to have secured more than $200 million in funding.
The company also helps businesses outside Africa to expand their operations in the continent. Its clientele includes Booking.com, Facebook, Flywire, and Uber.
In a press release, Agboola gave thanks to a list of individuals and organizations for the company’s successes: Flutterwave’s 300+ employees, investors and customers, and the Central Bank of Nigeria and its current governor Godwin Emefiele.
“This humbling support has created the backbone upon which companies like Flutterwave have been able to thrive,” he said.
He added that as the company looks to the future its focus remains the same: “to stand by our 290,000 merchants across Africa every day as they strive to build their mom-and-pop stores into global businesses,” “increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World,” and to “continue to bring more of the World to Africa.”
Uzoma Ihejirika is a Nigerian creative writer and journalist. He is an editor for the AfroAnthology Series and a copy editor for Minority Africa and has written for Open Country Mag. He has works on Lolwe and Isele Magazine.