African Fintech Flutterwave Triples Valuation To Over $3B After $250M Series D
02/16/22, 8:05 AM
Location
Round Type
series d
African fintech Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in just twelve months.
Company Info
Location
san francisco, california, united states
Additional Info
In March 2021, the San Francisco-headquartered and Lagos-based startup raised $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion. The company also helps businesses outside Africa expand their operations on the continent. At the time, the payments company said it processed 140 million transactions worth over $9 billion. Customers use Send — which Agboola called “Flutterwave’s fastest-growing product” — mainly to pay for family support, gifts and tuition, the company told TechCrunch. It will also help the company speed up customer acquisition in existing markets and grow through M&As, the company said in a statement. In March 2021, it was 290,000; now, 900,000 businesses globally use Flutterwave to process payments in 150 currencies and across different payment modes: local and international cards, mobile wallets, bank transfers and its consumer product Barter. Although Flutterwave has its headquarters in the U.S., it didn’t run any operations there. At $3 billion, Flutterwave is currently the highest valued African startup, surpassing the $2 billion valuation set by SoftBank-backed fintech OPay and FTX-backed cross-border payments platform Chipper Cash.