Flutterwave secures $170 million in capital injections from investors
African fintech company Flutterwave an online payment solution says it has raised $170 million in Series C funding, valuing the company at over $1 billion.
The company said It will invest the new capital to accelerate customer acquisition in existing and international markets, as well as develop complementary and innovative products.
“The fundraise brings the total investment in Flutterwave to USD $225 million and is one of only a very small number of African fintech companies to have raised significant funds in a period of widespread disruption and economic uncertainty,” the statement added.
Founded in 2016, Flutterwave provides digital payment services for small businesses in Africa.
When we started @theflutterwave in 2016, the idea was to build a payments technology infrastructure that connects Africa to the global economy by making local and international payments seamless. We knew this would be incredibly difficult but we continued. pic.twitter.com/i6Ai7wZiyO
— GB 🦋 (@TechProd_Arch) March 10, 2021
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said: “We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the World, and at the same time continue to bring more of the World to Africa.”
The round was led by growth-equity firms Avenir Growth Capital and Tiger Global. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, Worldpay FIS, and 9yards Capital.
The Series C round comes a year after Flutterwave closed its $35 million Series B and $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few African startups to have secured more than $200 million in funding.