Flutterwave raises $170M, at a $1B plus valuation

African fintech company Flutterwave supplied that it has raised $170 million in Series C funding, valuing the corporate at over $1 billion.

The round was led by enhance-fairness companies Avenir Enhance Capital and Tiger Global. Unusual and existing consumers who participated consist of DST Global, Early Capital Berrywood, Inexperienced Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, Worldpay FIS, and 9yards Capital. 

This funding round comes a three hundred and sixty five days after Flutterwave raised a $35 million Series B and a $20 million Series A in 2018. In complete, Flutterwave has raised $225 million and is with out doubt one of the most few African startups to hang secured more than $200 million in funding. 

Hitting the $1 billion valuation approach Flutterwave is the third unicorn popping out of Nigeria after fellow fintech Interswitch and e-commerce company, Jumia. What’s spectacular about this milestone is how swiftly Flutterwave has joined the tiny club of African unicorns – under 10 years. 

Founded by entrepreneurs Iyinoluwa Aboyeji and Olugbenga Agboola in 2016, the corporate is present in 20 African international locations, with a reach of over 33 international locations on the continent. 

According to CEO Olugbenga Agboola, the corporate grew more than 100% in income interior the previous three hundred and sixty five days as a result of pandemic with out giving specifics on numbers. This contributed to its compound annual enhance price (CAGR) of 226% from 2018.  

With this new capital, Flutterwave says this might possibly make investments to speed up buyer acquisition in existing and world markets, as correctly as manufacture complementary and progressive merchandise. Even handed one of such merchandise is the newly launched Flutterwave Cell, an app to wait on to speed up e-commerce enhance because the success of the Flutterwave Retailer. 

After we started @theflutterwave in 2016, the foundation was to assemble a payments technology infrastructure that connects Africa to the realm economy by making native and world payments seamless. We knew this is in a position to be incredibly demanding nonetheless we continued. pic.twitter.com/i6Ai7wZiyO

— GB 🦋 (@TechProd_Arch) March 10, 2021

Following Paystack’s acquisition by Stripe for more than $200 million final three hundred and sixty five days, there had been rumours of Flutterwave taking the the same route. This Series C round suggests otherwise. 

What other plans does Flutterwave hang? The African fintech big is originate to the foundation of buying smaller gamers in the African fintech dwelling and plans to head dwell in North Africa.

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