Flutterwave, Nigeria’s fintech company raises over $170 million and is now valued at over a $1 billion valuation

Nigerian fintech company, Flutterwave $170m series C.

The recent round has skyrocketed their valuation to over a billion dollars and now Nigeria can proud to show off their second fintech company after Interswitch in just two years.

The Series C round was led by New York-based private investment firm Avenir Growth Capital and US hedge fund and investment firm Tiger Global.

DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, WorldpayFIS 9yards Capital are among the new and existing investors that participated in the round.

The Series C round comes a year after Flutterwave closed it’s $35 million Series B and $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few Nigerian startups to have secured more than $200 million in funding. 

Started in 2016 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.

When the company raised it’s Series B, tech crunch had reported that Flutterwave had processed 107 million transactions worth $5.4 billion. Right now, those numbers have increased to over 140 million transactions worth more than $9 billion. The company, which also helps businesses outside Africa to expand their operations on the continent, has an impressive clientele of international companies, including Booking.com, Facebook, Flywire and Uber.

Olugbenga Agboola told Reuters that the company would be hoping to list on the New York Stock Exchange or list on both the NYSE and Nigeria Stock Exchange(NSE).

Ceo and Co-founder of Flutterwave

Flutterwave said that the new funding will be used to expand its customer base in existing and international markets and for developing new fintech products.

The company reports that the COVID-19 pandemic had accelerated the shift towards digital payments in Nigeria, and its valuation is now more than $1 billion.

Flutterwave says more than 290,000 businesses use its platform to carry out payments. And according to the company’s statement, they can do so “in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.”

Looking into the future, Agboola insists that the company’s focus remains to support its 290,000 merchants and help them build global businesses.

“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,” he said.