Flutterwave Now Africa's Most Valuable Startup as it Breaks the N1trn Valuation Mark after N103bn Fundraising

Flutterwave Now Africa's Most Valuable Startup as it Breaks the N1trn Valuation Mark after N103bn Fundraising

  • Flutterwave is starting the new year as it struck a massive N1.2 trillion fundraising deal with global investors
  • The amount raised has triple the payment company's valuation and also makes it the biggest start-up company in Africa
  • Flutterwave will be hoping the new deal will help actualize its desire to expand services to other parts of the world

African fintech company, Flutterwave has raised $250 million in a Series D round that tripled the company's valuation to over $3 billion in just twelve months, the company announced in a blog post on its website.

The latest round of investment has pushed the company's worth to more than $3 billion, as it wants to change the way Africans transact on the continent and throughout the world.

The latest backers include respected investors led by B Capital Group and Alta Park Capital, Whale Rock Capital, Lux Capital, and others.

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Flutterwave Breaks Record as it Triples Valuation to over N1.24tn, after raising N103.94bn from Investors
Flutterwave co founder, Iyinoluwa Aboyeji recently spoke to Legit.ng recently
Source: Original

Existing investors who had previously participated other fundraising, include Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, and Salesforce Ventures TheCable reports.

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According to the firm, the fresh funds will fuel Flutterwave's ambitious expansion plan, which includes accelerating client acquisition in existing areas, growing through M&A, developing complementary products, and fostering innovation in the development of its products and services.

CEO speaks

Olugbenga 'GB' Agboola, founder and CEO of Flutterwave, said:

“Ours is a narrative of perseverance and hard work. So far, our success has been fueled by the support of our customers, partners, banks, the general public, regulators, and, most significantly, our employees.
"Under the leadership of Dr. Godwin Emefiele, the Central Bank of Nigeria lay the vision of a revolutionary Payment System in Nigeria, created the platform for innovation in this domain, and has continued to implement laws that have enabled us to grow and prosper."

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He further noted that the company is determined to simplify payments that will connect Africans to the world and the world to Africans.

Agboola added:

“This new round of investment illustrates the belief of some of the world's most prominent investors in our business strategy, team, and the Africa technology industry. It provides Flutterwave with much-needed assistance in carrying out our ambitions to provide the finest experience for our merchants and customers all around the world."

Five Nigerian start-up companies worth over 1 billion dollars

  • Flutterwave
  • OPay
  • Andela
  • Interswitch
  • Jumia

Nigerian payment platforms invest in other African countries

Meanwhile, Legit.ng reported that Nigeria's foremost payments platform, Flutterwave, is seeking to make incursions into French-speaking countries.

The company has co-invested in a French-speaking payments platform, CinetPay, a digital payment system that helps merchants in Francophone countries in Africa to accept and make payments.

Flutterwave announced on Wednesday, December 8, 2021, a seed round of N1.03 billion from 4DX Ventures, a Pan-Africa focused VC firm.

Source: Legit.ng

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