Flutterwave Secures $170 Million in Series C Funding, Now Valued at over $1 Billion
Flutterwave, a payments technology company, has raised a Series C round of $170 Million. It was led by New York-based private investment firm Avenir Growth Capital and U.S. hedge fund and investment firm-Tiger Global to scale up and expand it’s technology and products to new countries. New and existing investors who joined the Series C round include: Greycroft Capital, Green Visor Capital, DST Global, Early Capital Berrywood, Insight Partners, Salesforce Ventures, Tiger Management, Worldpay FIS and more
With the Series C round, Flutterwave is now valued at over $1 Billion, making it one of the few African startups to secure over $200 million in funding. This achievement comes a year after the company closed its $35 million Series B and $20 million Series A in 2018. Since its founding, the company has processed over 120 million transactions valued at over $9 billion by making it easier for businesses to complete seamless and secure payments across Africa.
Founded by Olugbenga Agboola in 2016 with offices in Lagos and San Francisco, Flutterwave enables the expansion of international businesses in Africa. It has an impressive portfolio of international clients like Facebook, Uber, Bookings.com and Flywire.
According to Olugbenga Agboola, the company operates in 20 African countries with an infrastructure reach in over 33 countries on the continent. Flutterwave indicated that more than 290,000 businesses use its platform to carry out payments and according to the company’s statement, they can do so “in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, and Barter by Flutterwave.”
Flutterwave introduced its second investment, Flutterwave Store, during the pandemic, currently in 15 African countries. The product enables merchants to create storefronts and sell their products online.
Within the past year, Flutterwave grew more than 100% in revenue. With the new investments raised, Flutterwave will execute an ambitious growth strategy to become a leading global payments company, empowering SMEs and multinational brands. It will further improve existing products like Barter, where it has over 500,000 users and introduce new innovative products such as Flutterwave Mobile to increase e-commerce growth following the success of the Flutterwave store.