Feb 17 2022: Flutterwave just announced today that it has raised another USD $250 million in a Series D funding round which was led by B Capital Group, with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, and others. This funding thereby raises the valuation of the company to over $3 billion as the brand continues to reform the way Africans transact on the continent and worldwide.
Flutterwave has changed the technological landscape of Africa. It not only endorses the African talent and constantly evolving innovation, but also mirrors the infinite potential the fintech sector possess
Flutterwave plans to gear the new funding towards their ambitious expansion plan, which is to accelerate customer acquisition in existing markets and growth through M&A, and develop complementary products while encouraging new innovations in its products and services development. The company plans to dilvulge more details about its plan in their Flutterwave 3.0 event, scheduled for 18th February 2022.
Flutterwave has proved itself time and again, that they mean business and are on a mission to create infinite possibilities for customers and businesses in Africa. They have had a remarkable run since 2016, where they have managed to process over 200M transactions worth over USD $16 billion to date across 34 countries in Africa. The behemoth currently serves over 900,000 businesses across the globe.
Flutterwave has been constantly coming up with new products and innovations. Just last year they launched Flutterwave Market for merchants to sell their goods via an online marketplace and, most recently, Send, a remittance service that empowers customers to seamlessly send money to recipients to and from Africa. To make their transactions reach a more wider audience and make it as seamless as possible they have partnered with some global technology and telecommunication companies such as PayPal, MTN, Airtel Africa. Their vision with these partnerships is to drive financial inclusion on the continent and create endless possibilities for customers who can build customisable payment applications through its APIs.
Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave, said “Our story is that of resilience and hard work. Our growth so far is due to the support of our customers, our partners, the banks, the public, the regulators, and importantly our people. The Central Bank of Nigeria, under the leadership of Dr. Godwin Emefiele, laid the vision of a transformational Payment System in Nigeria, provided the framework for innovation in this space, and has continued to create regulations that have enabled us to grow and thrive. We are grateful to them and to all the other Central Banks in all the countries where we operate. We set out to build a platform that simplifies payments for everyone and today, our solutions are used across the globe to connect Africans to the world and the world to Africans. We are delighted that investors believe in us and our story and are committing their resources to this belief. This latest funding demonstrates the conviction of some of the world's leading investors in both our business model, team and the Africa technology market. It gives Flutterwave the much-needed support to deliver on our plans to provide the best experience for our merchants and customers around the world.”
Matt Levinson, Partner at B Capital said, “At B Capital, we seek to back generational companies with broad platform potential. Flutterwave has a unique opportunity to accomplish this as the dominant payments infrastructure provider across Africa. In addition to their emergence as the leading enterprise payments processor for the continent, Flutterwave is innovating at breakneck speed with novel fintech solutions for large corporates, SMEs and consumers. I’ve had the pleasure of backing this world-class team since 2017 and couldn’t be more thrilled that B Capital is leading their Series D. Flutterwave may ultimately build one of the most consequential fintech business in the world, enabling hundreds of thousands of merchants to transact online and connect Africa to the global economy.”
David Glynn, Managing Partner of Glynn Capital, said: “We believe the digitization of payments globally is one of the largest and most important trends in technology. 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. We look forward to supporting the company as it addresses its significant growth opportunity in the years ahead.”
Courtesy of their latest fundraising, Flutterwave’s valuation has more than tripled since its last funding round in March last year.