NIGERIA – Flutterwave, a leading technology company, has raised USD $250 million in Series D funding, valuing the company at over US$3 billion.
The latest round was 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, Salesforce Ventures.
The new funds will drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A.
The platform also plans to develop complementary products while encouraging new innovations in its products and services development.
Since its inception in 2016, the Flutterwave team has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets.
“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,” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.
The Series D fundraise comes on the back of an impressive run of five years in which Flutterwave has processed over 200 million transactions worth over US$16 billion to date across 34 countries in Africa.
The funding also follows a year of rapid growth for the brand which now serves over 900,000 businesses across the globe.
In 2021, Flutterwave launched a range of new products including Flutterwave Market for merchants to sell their goods via an online marketplace.
It also incorporated Send, a remittance service that empowers customers to seamlessly send money to recipients to and from Africa.
Flutterwave has partnered with leading global and pan-African technology and telecommunication companies such as PayPal, MTN, Airtel Africa to drive financial inclusion on the continent.
This creates endless possibilities for customers who can build customizable payment applications through its APIs.
Flutterwave becomes the highest valued African start-up with this investment, in the validation of African talent, innovation, and its young inspiring people.
It is also a huge endorsement in the growth of the business, innovation, and technology landscape in Africa.
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