Flutterwave, a technology company, has announced that it has raised Ksh. 28.4 billion (USD 250 million) in Series D funding, valuing the company at over Ksh. 340 billion (USD 3 billion). With the new investment, Flutterwave has become the highest valued African start-up.
The funding round was led by B Capital Group, with participation from Alta Park Capital, Whale Rock Capital, Lux Capital, among others. Several existing investors who also participated in previous rounds also followed this round, including Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.
The new funds will drive Flutterwave’s expansion plan to accelerate customer acquisition in existing markets and growth through M&A and develop complementary products. The company will share more details during the Flutterwave 3.0 event. The virtual event is billed for 18th February, 2022, and members of the public can RSVP.
Since its inception in 2016, the Flutterwave team has been on a mission to create endless possibilities for customers and businesses in Africa and the emerging markets. The Series D fundraise comes on the back of an impressive run of five years in which Flutterwave has processed over 200M transactions to date across 34 countries in Africa. It also follows a year of rapid growth for the brand which now serves over 900,000 businesses across the globe.
Commenting on the newly closed funding, 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.”
On his part, 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.”