Nigeria’s Payment Startup, Flutter Wave, Raises $170 Million, now worth over $1B

Flutterwave is a Nigerian payment start-up that has in recent times been making waves in Nigeria, Africa and beyond. It was founded by two Nigerians, Iyinoluwa Aboyeji and Olugbenga Agboola in 2016. It was launched as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco. It has helped businesses build customizable payment applications through its APIs.

Few days ago, Nigerians and the rest of the world woke up to the great news that the startup has closed $170 million, valuing the company over $1 billion.

According to Tech crunch, it was reported that the proliferation of fintech services across Africa remains in full swing as investors remain bullish about the opportunities that abound in the sector. 

New York-based private investment firm, Avenir Growth capital and U.S. hedge fund and investment firm Tiger Global led the Series C round. New and existing investors who participated include DST Global, Early Capital Berrywood, Green Visor Capital, Greycroft Capital, Insight Ventures, Salesforce Ventures, Tiger Management, Worldpay FIS 9yards Capital. 

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. 

According to the details in their website, Flutterwave is a one platform that lets you sell wherever your customers are – online, in-person, anywhere in the world, and everywhere in-between. It has been reported that over 290,000 businesses use its platform to carry out payments. It has become a great pathway to link Africa to the global economy.

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