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African fintech Flutterwave valuation rises to over $3B after $250M Series D funding


African fintech firm Flutterwave has tripled its valuation to over $3 billion after raising  $250 million in Series D funding. This valuation now makes Flutterwave the highest valued African startup.

Flutterwave’s latest backers include some of the world’s most 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. 

Led by founder and CEO Olugbenga “GB” Agboola, the startup plans to use the new funding to drive its ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A, and develop complementary products while encouraging new innovations in its products and services development.  The Company will share more details during the Flutterwave 3.0 event. 

Launched in 2016, Flutterwave facilitates cross-border payments transactions of small to large businesses in Africa via one API  enabling people and businesses to connect with the global economy. To date, the startup has processed over 200M transactions worth over $16B across 34 countries in Africa. It now serves over 900,000 businesses across the globe. 

“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.’’ Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said.

‘’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,‘’ he added. 

In 2021, Flutterwave launched a range of new products including Flutterwave Market for merchants to sell their goods via an online marketplace and, most recently, Send, a remittance service that empowers customers to seamlessly send money to recipients to and from Africa. Flutterwave has also partnered with leading global and pan-African technology and telecommunication companies such as PayPal, MTN, Airtel Africa to drive financial inclusion on the continent and create endless possibilities for customers who can build customisable payment applications through its APIs.

This latest fundraising has seen Flutterwave’s valuation more than triple since its last funding round in March last year when it became one of Africa’s fastest-growing Unicorn. 

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Nixon Kanali

Tech journalist based in Nairobi. I track and report on tech, business and African startups. Founder and Editor For TechTrendsKE. Nixon is also the East African tech editor for Africa Business Communities. Send tips to nkanali@techtrendske.co.ke.

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