Flutterwave, a leading fintech start-up has raised $250 million in a Series D round. This tripled the company’s valuation to amount to $3 billion in just a year.
The round included some world-respected investors and was led by B Capital Group and saw participants from Lux Capital, Glynn Capital, Tiger Global, Whale Rock Capital, Alta Park Capital amongst others.
Flutterwave has its headquarters in San Franciso and they are based in Lagos. Sometime in 2021, the company raised about $170 million in a Series C round and was valued at $1 billion. This latest funding brings Flutterwave’s total raise (since starting out in 2016) to $475 million.
Flutterwave is currently the highest valued African start-up and it has surpassed the $2 billion valuation mark set by SoftBank's-backed OPay and FTX-backed cross-border payment platform Chipper Cash last year.
Since the company’s inception, they have been on a mission to create endless possibilities for businesses and consumers in Africa and emerging markets. This funding comes at a time when Flutterwave has processed over 200million transactions that are worth over $16 billion across 34 countries in Africa.
As of 2021, Flutterwave has 290,000 businesses on its platform. Presently, more than 900,000 businesses (globally) make use of Flutterwave to process payments in 150 currencies across different paying methods.
In 2021, they branched out and launched a range of new products that included Flutterwave Market (used by merchants to sell their goods via an online marketplace) and Send (a recent remittance service that enables customers to send money effortlessly to recipients to and from Africa).
Flutterwave Market has grown to over 30,000 merchants and Send has processed 4,729 transactions with payments crossing $3.59 million in its first full month of launch.
Flutterwave has also partnered with pan-African technology and telecommunication companies such as PayPal, MTN and Airtel Africa to be able to drive financial inclusion on the continent and create endless possibilities for customers who can build customisable payment applications through its APIs.