Flutterwave, an Africa- focused payment company founded in 2016 by Nigerians and headquartered in San Francisco, has raised $170 million in a Series C round. The company attained a “unicorn” status with a value of over US$1 billion.
According to Techcrunch, the Series C round comes a year after Flutterwave closed its $35 million Series B and $20 million Series A in 2018. In total, Flutterwave has raised $225 million and is one of the few African startups to have secured more than $200 million in funding.
When the company raised its Series B, it had processed 107 million transactions worth $5.4 billion and this has increased to over 140 million transactions worth more than $9 billion.
Flutterwave Series C funding round was led by New York-based private investment firm Avenir Growth Capital and U.S. hedge fund and investment firm Tiger Global. While new and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Partners, Salesforce Ventures, Tiger Management, Worldpay FIS and 9yards Capital.
Flutterwave says more than 290,000 businesses use its platform to carry out payments. And according to the company’s statement, they can do so “in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave.”
Flutterwave CEO Olugbenga Agboola, also known as GB, told TechCrunch the company is live in 20 African countries with an infrastructure reach in over 33 countries on the continent.
Flutterwave wants to become a global payments company, and the Series C investment helps to reach that goal. The company says it plans to use the funds to speed up customer acquisition in its present markets. It will also improve existing product offerings like Barter, where it has over 500,000 users, and introduce new offerings. One such is Flutterwave Mobile, which in the founder’s words “will turn merchants’ mobile devices into a point of sale, allowing them to accept payments and make sales.”
In a statement, Agboola gives credit to the company’s more than 300 staff, investors, customers and regulatory bodies like the Central Bank of Nigeria (CBN) for creating the backbone for Flutterwave’s success.
Looking into the future, Agboola insists that the company’s focus remains to support its 290,000 merchants and help them build global businesses.
“We look forward to increasing our investments across the continent and deepening the impact our platform has on lives and livelihoods as we take more businesses in Africa to the world, and at the same time continue to bring more of the world to Africa,” he said
Jamie Reynolds of Avenir Growth Capital and Scott Shleifer of Tiger Global, both firms said they’re backing Flutterwave on its quest to build a global and world-class payments company.