Nigerian payments startup Flutterwave raises Series E funding at $3.2 B valuation

Leading international blockchain-based financial firm Ripple is one of the latest investors in Nigerian payments startup Flutterwave, which has raised a Series E round of funding valued at US $3.2 billion.

Flutterwave, which was founded in 2016, develops cutting-edge infrastructure and payment technology for Africa so that individuals and companies may engage with the global economy. With its solution, banks and merchants may process any type of payment anywhere in Africa by replacing several payment integrations with a single, straightforward API. The company has facilitated over 1 billion distinct transactions and processed over US$40 billion in payments thus far.

One of Africa’s few software unicorns, the business obtained a Nigerian banking license earlier this year. Its valuation above US$3 billion, and it has now strengthened that valuation with an undisclosed Series E round pricing Flutterwave at US$3.2 billion. In 2022, it raised a US$250 million Series D investment.

Ripple, the top supplier of blockchain-based enterprise solutions for traditional and digital banking, has made a significant investment in the Series E round. By seamlessly integrating its current cross-border settlement capabilities with enterprise-grade digital liquidity, this cooperation represents the decisive next stage of Flutterwave’s long-term stablecoin strategy.

Flutterwave thinks that by putting this infrastructure in the center of the continent, it is enabling African companies to avoid legacy conflicts, strengthening Nigeria’s position as the main hub for international trade in digital assets and promoting long-term economic resilience throughout the continent.

Flutterwave’s founder and CEO, Olugbenga “GB” Agboola, stated that the funding was a turning point in the company’s development, allowing it to greatly expand its stablecoin-enabled payments roadmap and scale its infrastructure.

“By unlocking faster settlement and lower-cost cross border payments, we are building a payment superhighway that connects African commerce directly to the global economy. This partnership is a catalyst for Nigerian and African sovereignty in the digital financial age, ensuring our markets are primary participants in the global digital asset revolution,” he said.

Flutterwave has created one of the most sophisticated payment networks in Africa, according to Reece Merrick, managing director for MEA at Ripple.

“And as its infrastructure evolves, stablecoins are becoming central to that story,” he said. “Our investment will establish RLUSD within that infrastructure, with Flutterwave driving stablecoin flows over the XRPL and deepening its role as a settlement layer for real-world payments across the continent. Together we also plan to bring Ripple Payments’ speed and efficiency to cross-border transactions in the region, opening up faster, lower-cost financial services to businesses and consumers at scale.”