Pan African fintech startup, Flutterwave has announced that it has raised $250 million in Series D funding, valuing the company at over $3 billion as the brand continues to transform the way Africans transact on the continent and worldwide.
Flutterwave has become the highest valued African startup with this investment. It is a validation of African talent, innovation, and inspiring young people. It is also a massive endorsement in the growth of Africa’s business, innovation, and technology landscape.
Last year, the company joined the list of unicorns when it closed a $170 million Series C round, raising its valuation to over $1 billion. Now, the startup has tripled that valuation with this latest $250 million Series D round.
Flutterwave’s latest backers include some of the world’s most respected investors led by B Capital Group, Alta Park Capital, Whale Rock Capital, Lux Capital, and others. In addition, 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.
Commenting on the raise, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said, “We are delighted that investors believe in us and our story and are committing their resources to this belief. This latest funding demonstrates the conviction of some of the world’s leading investors in both our business model, team, and the Africa technology market. Furthermore, it gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”
The new funds will drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A and develop complementary products while encouraging 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. The Series D fundraise is on the back of an impressive run of five years in which Flutterwave has processed over 200M transactions worth over $16B to date across 34 countries in Africa. It 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 and, most recently, Send. This remittance service empowers customers to send money to recipients to and from Africa seamlessly. In addition, Flutterwave partnered with 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 customizable payment applications through its APIs.
“Our story is that of resilience and hard work. Our growth so far is due to the support of customers, partners, banks, the public, the regulators, and, significantly, our people. The Central Bank of Nigeria, under the leadership of Dr. Godwin Emefiele, laid the vision of a transformational Payment System in Nigeria, provided the framework for innovation in this space, and has continued to create regulations that have enabled us to grow and thrive. We are grateful to them and to all the other Central Banks in all the countries we operate. 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.
Matt Levinson, Partner at B Capital, said, “At B Capital, we seek to back generational companies with broad platform potential. Flutterwave has a unique opportunity to accomplish this as Africa’s dominant payments infrastructure provider. In addition to their emergence as the leading enterprise payments processor for the continent, Flutterwave is innovating at breakneck speed with novel fintech solutions for large corporates, SMEs, and consumers. I’ve had the pleasure of backing this world-class team since 2017. I couldn’t be more thrilled that B Capital is leading their Series D.
Flutterwave may ultimately build one of the most consequential fintech businesses in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”
David Glynn, the Managing Partner of Glynn Capital, said: “We believe the digitization of payments globally is one of the largest and most important trends in technology. Having been investors in Flutterwave since 2017, we have had a front-row seat in seeing Flutterwave establish itself as a leading payments company in Africa as it drives the adoption of seamless digital payments experiences for merchants and consumers alike. We look forward to supporting the company as it addresses its significant growth opportunity in the years ahead.”
This latest fundraising had 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 Unicorns. The company leads a small group of African unicorns in the fintech space, including OPay, ChipperCash, Wave Mobile Money, and Interswitch.