Flutterwave, African-focused funds firm has introduced that it has closed a $170 million Series C spherical, valuing the corporate over $1 billion.
According to Techcrunch, the funding spherical was led by New York-based personal funding agency Avenir Growth Capital and U.S. hedge fund and funding agency Tiger Global. New and present buyers who participated on this spherical embody DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, Salesforce Ventures, Tiger Management, Worldpay FIS 9yards Capital.
Launched in 2016 by Iyinoluwa Aboyeji and Olugbenga GB Agboola as a Nigerian and U.S.-based funds firm with places of work in Lagos and San Francisco, Flutterwave helps companies construct customizable funds purposes by way of its APIs.
Last 12 months, the corporate closed its $35 million Series B and had processed 107 million transactions value $5.4 billion. These numbers have elevated impressively since then. Now, the corporate has processed over 140 million transactions value greater than $9 billion with a formidable clientele of worldwide firms, together with Booking.com, Facebook, Flywire, and Uber.
Flutterwave famous that greater than 290,000 companies use its platform to hold out funds they usually can accomplish that in 150 currencies and a number of fee modes together with native and worldwide playing cards, cell wallets, financial institution transfers, Barter by Flutterwave.
In an announcement made to Reuters by the CEO, he famous that they could contemplate itemizing in New York or potential twin itemizing in New York and Nigeria.
Why this issues
- This new funding might be used to hurry up buyer acquisition in its current markets. It will even enhance present product choices like Barter, the place it has over 500,000 customers, and introduce new choices.
- One of the brand new choices is the Flutterwave Mobile. According to the founder, Flutter Mobile will flip retailers’ cell gadgets into some extent of sale, permitting them to simply accept funds and make gross sales.
What you need to know
- This is coming just some months after being listed as Ycombinators’ most valuable startup in Africa. Flutterwave joins Interswitch as the one fintech in Nigeria to succeed in a 1-billion-dollar valuation in lower than 10 years making it a Unicorn. Interswitch first turned a unicorn after Visa acquired a 20% stake in 2019.
- Flutterwave has raised $225 million in complete and is among the few African startups to have secured greater than $200 million in funding.