Flutterwave, Africa’s payments technology firm, has raised USD $170 million in a strong Series C round from a group of new and existing investors.
The round was led by growth equity firms Avenir Growth Capital and Tiger Global Management LLC.
The business was founded by entrepreneur Olugbenga Agboola in 2016 and is estimated to be worth more than US$1B.
The new funding takes Flutterwave’s overall investment to US$225M, making it one of only a few African fintech companies to raise substantial funds during a time of economic uncertainty.
The new funds will allow Flutterwave to pursue its ambitious growth strategy of becoming a leading global payments company.
Flutterwave plans to use the new funds to speed up consumer acquisition in domestic and foreign markets, as well as to develop complementary and creative products like Flutterwave Mobile, which was recently launched.
This round of funding comes as Covid-19 accelerates Africa’s transition to digital payments, contributing to Flutterwave’s extraordinary revenue growth of 226 percent CAGR from 2018 to 2020.
“When Flutterwave was created in 2016, the payments landscape in Africa was highly fragmented. So the aim was to create a pan-African network that simplified payments for everyone,” said Olugbenga ‘GB’ Agboola, Founder and CEO of Flutterwave.
As we look to the future, our goal remains the same: to support our 290,000 merchants in Africa every day.
“We are excited to partner with Flutterwave as they continue to develop a world-class payments platform,” said Scott Shleifer, Partner at Tiger Global Management LLC.
Flutterwave’s emphasis on customer satisfaction inspired us, and we believe the business is well-positioned for long-term growth.”
DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, PayPal, Salesforce Ventures, Tiger Management, WorldpayFIS, and 9yards Capital participated in the latest funding round, which was led by Avenir and Tiger Global.
Current, Latch, Savage x Fenty, and JD.com are only a few of the world’s brightest tech companies that Avenir and Tiger Global have backed.
— Flutterwave (@theflutterwave) March 10, 2021