Flutterwave raises $170 mn in Series C round at a valuation of $1+ bn

By Pavithra R

Flutterwave, on a mission to build payments infrastructure to connect Africa to the global economy, has announced securing USD $170 mn from a leading group of international investors as part of a successful Series C round.

The investment round was led by growth-equity firms Avenir Growth Capital and Tiger Global Management LLC with participation from new and existing investors. The fundraising comes at a time when the Pandemic has accelerated the shift to digital payments in Africa, which has contributed to the company’s exceptional revenue growth of 226% CAGR from 2018-2020.

Founded by entrepreneur Olugbenga Agboola in 2016, Flutterwave is considered to be valued at more than USD $1bn. The fundraise brings the total investment in Flutterwave to USD $225 mn and is among the handlist of African FInTech companies to have raised significant funds in a period of widespread disruption and economic uncertainty.

“When Flutterwave was founded in 2016, the payments landscape in Africa was highly fragmented so the goal was to build a pan-African platform that simplified payments for everyone. However, our successes would not be possible without (1) Our amazing team of 300+ employees that work tirelessly to achieve our goals (2) The trust and support we have received from our investors and customers and (3) Regulatory bodies like the Central Bank of Nigeria which – under the leadership of the current Governor, Mr Godwin Emefiele – has remained at the forefront of the significant efforts that are currently being made by African governments to create the enabling environment for technology, innovation and financial inclusion. This humbling support has created the backbone upon which companies like Flutterwave have been able to thrive,” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.

The FinTech is planning to use the funds to allow the company execute an ambitious growth strategy to become a leading global payments company, empowering SMEs and multinational brands by connecting the highly fragmented African digital payments landscape. The company is planning to invest the new capital in accelerating customer acquisition in existing and international markets, as well as develop complementary and innovative products such as its newly launched Flutterwave Mobile, an app to help accelerate e-commerce growth as a result of the success of the Flutterwave Stores.