Nigeria’s Flutterwave rakes in $250 million at a $3 billion valuation
Flutterwave, a Nigerian fintech company, has officially announced closing a fresh US$250 million in Series D funding.
The six years old startup noted that the new raiser will go into driving its expansion plan.
Tripling its valuation to over US$3 billion, the raiser was led by B Capital Group.
Other investors in the round include Alta Park Capital, Whale Rock Capital and Lux Capital, as well as existing investors such as Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
Flutterwave builds modern payments technology and infrastructure for Africa to enable people and businesses connect with the global economy.
One of its solution enables banks and merchants to replace multiple payment integrations with one simple API.
The startup attained a unicorn status less than a year ago when it closed a US$170 million Series C funding round to value at over US$1 billion.
Flutterwave expedites cross-border money transfers throughout Africa and partners with big global brands like Facebook, Uber and Booking.com.
Between January and March of 2021 the startup processed over 140 million transactions totaling more than $9 billion. The company also said that between 2018 and 2020, its revenue increased at a compound annual growth rate of 225%.
The company recently started collaborating with PayPal so that people making purchases from African merchants can pay directly on the Flutterwave platform, eliminating a barrier to cross-border commerce. Flutterwave said in March that an initial public offering (IPO) in New York City was not out of the question.
Flutterwave operates across over 33 African countries, serving close to 300,000 merchants. The company specializes in individual and consumer money transfers, and has processed about 100 million transactions valued at over $5.4 billion since its launch.