Nigerian Payments Company Flutterwave Raises $170M, Now Valued At Over $1B

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Flutterwave
Flutterwave

Nigerian-focused payments company, Flutterwave, has announced that it has closed a $170 million Series C round, valuing the company over $1 billion.

Techcrunch reports that the funding round was led by New York-based private investment firm Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global. New and existing investors who participated in this round include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, Worldpay FIS 9yards Capital.

Launched in 2016 by Iyinoluwa Aboyeji and Ologunro Agboola as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco, Flutterwave helps businesses build customizable payments applications through its APIs.

Last year, the company closed its $35 million Series B and had processed 107 million transactions worth $5.4 billion. These numbers have increased impressively since then. Now, the company has processed over 140 million transactions worth more than $9 billion with an impressive clientele of international companies, including Booking.com, Facebook, Flywire, and Uber.

Flutterwave noted that more than 290,000 businesses use its platform to carry out payments and they can do so in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.

In a statement made to Reuters by the CEO, he noted that they may consider listing in New York or possible dual listing in New York and Nigeria.

The company said this new funding will be used to speed up customer acquisition in its present markets. It will also improve existing product offerings like Barter, where it has over 500,000 users, and introduce new offerings.

Flutterwave joins Interswitch as the only fintech in Nigeria to reach a 1-billion-dollar valuation in less than 10 years making it a Unicorn. Interswitch first became a unicorn after Visa acquired a 20% stake in 2019.

Flutterwave has raised $225 million in total and is one of the few African startups to have secured more than $200 million in funding.

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