Wednesday, November 30Inside Business Africa


Afrocentric FinTech company Flutterwave announced on Wednesday it raised $250 million in its single-highest funding cycle at present. This values the firm at more than $3 Billion as it aims at mergers and acquisitions as well as expanding its existing customer base.

Indeed, Facebook Inc co-founder Eduardo Saverin’s venture capital firm B Capital Group led this latest funding round. Additionally, Boston-based hedge fund Whale Rock Capital Management according to Flutterwave.

The San Francisco-headquartered company was founded in Nigeria in 2016. It concentrates on individual and consumer transfers. Moreover, it is one of the many FinTech companies looking to enhance and leverage Africa’s thriving payments market.

Flutterwave founder and CEO Olugbenga Agboola says, “It (funding) gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”

The company added that it processed more than 200 million transactions. These value at more than $16 Billion across 34 African countries. It serves 900, 000 customers.

“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,” said David Glynn, Managing Partner of Glynn Capital.

Flutterwave is one of the most notable African unicorns i.e startups valued at over $1 Billion.  The anticipation of a cashless Africa stimulated a rush for control of the continent’s payment platforms.

Further Reading: Is FinTech the Lifejacket African SMEs Need?

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