Fintech startup Flutterwave raises $250 mln at over $3 bln valuation

Flutterwave on Wednesday raised $250 million, saying this is its biggest funding to date, raising the startup to more than $3billion. Its target base includes mergers, acquisitions and a growing existing customer base.

The funding round was led by investors which included B Capital Group, Facebook Inc’s co-founder Eduardo Saverin’s venture capital firm, and Whale Rock Capital Management, a Boston-based hedge fund.

Founded in 2016 in Nigeria, the San Francisco-headquartered specializes in individual and consumer transfers, one of several fintech firms aiming to facilitate and capitalize on Africa’s booming payments market.

Flutterwave was launched in 2016 in Nigeria and is headquartered in San Francisco. They 

“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,” founder and Chief Executive Officer Olugbenga Agboola said.

The completion of the fundraising round, more than two years after Flutterwave announced a partnership with Visa and Worldpay, highlights the growing interest in the burgeoning payments market in Africa.

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Since its inception, Flutterwave has processed more than 200 million transactions valued at over $16 billion across 34 countries in Africa, the company said, adding, it now served 900,000 customers.

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“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 few African startups valued at more than $1 billion.

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