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Flutterwave secures new $170m funding

Flutterwave fundraise brings the total investment to USD $225 million and company valuation is considered to be valued at more than USD $1 billion

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IT News Nigeria:

Flutterwave, Africa’s leading payments technology company, today announces it has secured USD $170 million from a leading group of international investors as part of a successful Series C round.

The round was led by growth-equity firms Avenir Growth Capital (“Avenir”) and Tiger Global Management LLC (“Tiger Global”) with participation from new and existing investors.

Founded by entrepreneur Olugbenga Agboola in 2016, the company’s valuation is considered to be valued at more than USD $1 billion. The fundraise brings the total investment in Flutterwave to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty.

The new funds will allow Flutterwave to execute an ambitious growth strategy to become a leading global payments company, empowering SMEs and multinational brands by connecting the highly fragmented African digital payments landscape. Flutterwave will invest the new capital to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products such as the newly launched Flutterwave Mobile, an app to help accelerate ecommerce growth as a result of the success of the Flutterwave Stores.

This fundraise comes at a time when Covid-19 has accelerated the shift to digital payments in Africa, which has contributed to Flutterwave’s exceptional revenue growth of 226% CAGR from 2018-2020.

Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said: “When Flutterwave was founded in 2016, the payments landscape in Africa was highly fragmented so the goal was to build a pan-African platform that simplified payments for everyone. However our successes would not be possible without (1) Our amazing team of 300+ employees that work tirelessly to achieve our goals (2) The trust and support we have received from our investors and customers and (3) Regulatory bodies like the Central Bank of Nigeria which – under the leadership of the current Governor, Mr Godwin Emefiele – has remained at the forefront of the significant efforts that are currently being made by African governments to create the enabling environment for technology, innovation and financial inclusion. This humbling support has created the backbone upon which companies like Flutterwave have been able to thrive.”

Flutterwave team

As we look to the future, our focus remains the same which is to stand by our 290,000 merchants across Africa every day as they strive to build their mom-and-pop stores into global businesses. We look forward to 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 at the same time continue to bring more of the World to Africa.”

READ ALSO  Application now opens for Cohort III Program – Stanbic IBTC Founder Institute Lagos

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