Flutterwave, one of the leading fintech companies with heavy presence in Africa, has secured a $250 million in a series D funding.
The funding has put the company’s valuation at over $3 billion.
A statement by Flutterwave said the company is better positioned to transform the way Africans transact on the continent and worldwide.
The latest funding has placed Flutterwave as the highest valued African start-up.
Flutterwave’s latest fund was led by B Capital Group and participation from ” Alta Park Capital, Whale Rock Capital, Lux Capital, among others.”
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Also, the funding got the backings of existing investors Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital, Salesforce Ventures.
These existing investors participated in previous rounds.
Flutterwave had in March, 2021, closed a Series C deal that pushed the startup into a unicorn status.
The deal that catapulted Flutterwave to $1 billion valuation was led by Tiger Global and Avenir Growth Capital.
Meanwhile, according to the startup, this latest round further validates African talent, innovation and its young inspiring people.”
Flutterwave will use the funds to spur further growth, innovation and technology landscape in Africa.
According to the startup, “The new funds will drive Flutterwave’s ambitious expansion plan to accelerate customer acquisition in existing markets and growth through M&A.”
It also said the fund will help it “develop complementary products while encouraging new innovations in its products and services development.”
Speaking on the development, Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said “Our story is that of resilience and hard work.”
He said “our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our people.”
“The Central Bank of Nigeria, under the leadership of Dr. Godwin Emefiele, laid the vision of a transformational Payment System in Nigeria, provided the framework for innovation in this space, and has continued to create regulations that have enabled us to grow and thrive.
“We are grateful to them and to all the other Central Banks in all the countries where we operate.
He said, “We set out to build a platform that simplifies payments for everyone and today.
“Our solutions are used across the globe to connect Africans to the world and the world to Africans.”
“We are delighted that investors believe in us and our story and are committing their resources to this belief.
He said the latest funding “demonstrates the conviction of some of the world’s leading investors” in Flutterwave’s business model.”
The CEO also said that global investors also have had convictions about Flutterwave’s “team and the Africa technology market.”
“It gives Flutterwave the much-needed support to deliver on our plans.
The plans are “to provide the best experience for our merchants and customers around the world.”
Also speaking, 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.
He said “Flutterwave is innovating at breakneck speed with novel fintech solutions for large corporates, SMEs and consumers.
This , he said, is “In addition to their emergence as the leading enterprise payments processor for the continent.”
“I’ve had the pleasure of backing this world-class team since 2017.
He said he “couldn’t be more thrilled that B Capital is leading their Series D.”
“Flutterwave may ultimately build one of the most consequential fintech business in the world.
He said this would enable “hundreds of thousands of merchants to transact online and connect Africa to the global economy.”
The latest round by Flitterwave has tippled its valuation.
It has also made the startup worth more than many other companies in Africa combined.
Also, it further highlights the visibility and the importance of African talents as the global community keeps recognising African talents.
Additionally, this fund underscores the value at which the global fintech ecosystem places on African startups.