$250 M Series D funding raised by Nigeria’s Flutterwave, valuation triples to over $3 B
Flutterwave, a Nigerian fintech business, has secured $250 million in Series D investment to fuel its development plans, bringing its worth to over $3 billion.
Flutterwave, which was founded in 2016, develops contemporary payment technologies and infrastructure for Africa in order to link individuals and companies 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.
To date, the company has completed over 200 million transactions totaling over US $16 billion and services over 900,000 enterprises, including Uber, Flywire, and Booking.com. Nigeria, Uganda, Kenya, and South Africa are among the 34 African nations 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 more than $1 billion.
The $250 million SeriesD round, led by B Capital Group, includes current 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. 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.
“Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our 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,” said Olugbenga ‘GB’ Agboola, founder and CEO of Flutterwave.
“We 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.”
B Capital partner Matt Levinson said his firm invests in generational businesses 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,” he said.
“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 businesses in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.
