Leading technology company, Flutterwave, has announced the close of a Series D funding of $250 Million. This now puts the company’s valuation at over $3 Billion as the brand continues to transform transactions in Africa and across the world.
The Series D fundraise comes on the back of an impressive run of five years in which Flutterwave has processed over 200M transactions worth over USD $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.
With this round, Flutterwave is now the highest valued African startup. Its valuation has more than tripled since its last funding round in March last year when it became one of Africa’s fastest-growing Unicorn. The company says this validates African talent, innovation and its young inspiring people. It is also a huge endorsement in the growth of the business, innovation and technology landscape in Africa.
The latest round of backers include:
- B Capital Group
- Alta Park Capital,
- Whale Rock Capital,
- Lux Capital
- Glynn Capital
- Avenir Growth
- Tiger Global
- Green Visor Capital
- Salesforce Ventures.
The company says the new funds will drive their ambitious expansion plan to accelerate customer acquisition in existing markets and growth through mergers and acquisitions. The funds will also help develop complementary products while encouraging new innovations in its products and services development.
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, a remittance service that empowers customers to seamlessly send money to recipients to and from Africa.
Flutterwave has also partnered with leading 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 customisable payment applications through its APIs.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said, “Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our people.”
“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. 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.” said Olugbenga.
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 the dominant payments infrastructure provider across Africa.”
“Flutterwave may ultimately build one of the most consequential fintech business in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.” said Matt Levinson.
David Glynn, 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 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.”