Flutterwave seeks to raise a new funding round to triple valuation

Flutterwave, an African fintech startup powering payment is seeking to raise a new funding round at a valuation of $3billion or more, according to Bloomberg. This new round is expected to triple its last valuation according to sources familiar with the matter.

According to Bloomberg, the startup recently held discussions with potential investors but terms of the funding have not been finalized, and its possible to change. A Flutterwave spokeswoman has declined to comment when broached on the matter.

Led by CEO Olugbenga Agboola, the company in March said it had achieved unicorn status after raising $170-million in a round led by Avenir Growth Capital and Tiger Global Management. Other participating investors in that deal included DST Global, Greycroft, Insight Partners and Salesforce Ventures, the company said at the time.

Also in March, Flutterwave said it would collaborate with PayPal to enable the US giant’s global customers to pay African merchants using Flutterwave’s platform. The start-up enables the creation of virtual Mastercard and Visa cards, among other payments services, according to its website.

Flutterwave has said it facilitates cross-border transactions across Africa for companies including Facebook, Uber Technologies and Booking.com. As of March, the start-up said it had processed more than 140 million transactions worth over $9-billion in aggregate and that its revenue had risen at a compound annual growth rate of 225% between 2018 and 2020