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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 current traders 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 workplaces in Lagos and San Francisco, Flutterwave helps companies construct customizable funds purposes via its APIs.

READ: OPay defies COVID-19, gross transaction value surges 4.5 times to over $2 billion

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 powerful clientele of worldwide corporations, together with Booking.com, Facebook, Flywire, and Uber.

Flutterwave famous that greater than 290,000 companies use its platform to hold out funds and so they can accomplish that in 150 currencies and a number of cost modes together with native and worldwide playing cards, cell wallets, financial institution transfers, Barter by Flutterwave.

In a press release made to Reuters by the CEO, he famous that they could think about itemizing in New York or potential twin itemizing in New York and Nigeria.

READ: Flutterwave, One pipe, and funding raised by Nigerian Tech startups

Why this issues

• This new funding shall be used to hurry up buyer acquisition in its current markets. It will even enhance current 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 just accept funds and make gross sales.

READ: Fintech: Increasing funding rounds affirms growth opportunities 

What it is best 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 grew to become 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.