Nigerian payments company, Flutterwave has tripled its valuation to over $3 billion after raising another $250 million in Series D funding in just eleven months.
Flutterwave Triples Valuation To Over $3Billion
KanyiDaily recalls that in March 2021, Flutterwave had announced that it raised $170 million from investors to expand its customer base, pushing its valuation up to more than $1 billion.
Barely eleven months after the rise, the San Francisco-headquartered and Lagos-based company has raised another $250 million that tripled its valuation to over $3 billion.
The latest backers include respected investors led by B Capital Group, and with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, among others.
Several existing investors who also participated in previous rounds also followed this round, including, Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
According to the company, the new funds will drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A and develop complementary products while encouraging innovations in its products and services development.
The company said it had processed over 200 million transactions worth over $16 billion to date across 34 countries in Africa, serving over 900,000 businesses across the globe.
The founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola said “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. 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.”
Matt Levinson, partner at B Capital said, “At B Capital, we seek to back generational companies with broad platform potential.
“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 businesses in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”
The managing partner of Glynn Capital, David Glynn said: “We believe the digitisation 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 the 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.”
KanyiDaily recalls that Flutterwave had also announced a partnership with US payments giant, PayPal, to enable African merchants to accept and make payments through its platform.